Shares of Kalyani Cast Tech listed on the BSE SME (small and medium enterprise) platform on Friday (November 17) with a bang and shot up about 90% on debut. This makes the stock almost a multibagger at listing.

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The stock made its debut at ₹264.10 apiece, a premium of 90% as against its issue price of ₹139 per share. As of 1 pm, the stock was trading at ₹277.30, up 5% post listing on the BSE.

Ahead of listing, shares of Kalyani Cast Tech were trading with a premium of ₹95 in the unlisted market. The grey market is an unofficial market wherein the IPO shares can be bought and sold till the listing.

The initial public offer (IPO) witnessed a strong response from investors and was booked over 208 times, led by non-institutional buyers. The NII portion was subscribed 439 times, followed by the retail investors' quota at 190 times. The qualified institutional buyers' portion was booked 66 times.

The price band of the issue, which was open for bidding from November 8 to November 10, was fixed at ₹137-139 per share. At the upper end of the price band, Kalyani Cast Tech raised ₹30.11 crore via the IPO route.

The offer was entirely a fresh issue of 21.66 lakh shares, and there was no offer-for-sale component. Kalyani Cast Tech plans to utilise the IPO proceeds to fund working capital requirements and for general corporate purposes.

Gretex Corporate Services acted as the book-running lead manager to the issue, while Bigshare Services was the registrar. Gretex Share Broking was the market-maker to the IPO.

Incorporated in September 2012, Kalyani Cast Tech is involved in the casting business. It manufactures products such as bearing housing for electrical loco, MG coupler components, adapters for WDG4 Loco and CI brake blocks. The company specialise in manufacturing cargo containers, including ISO containers and custom containers for parcel cargo, two & three-wheelers, dwarf and cuboid containers.

The company has diverse client base including Indian Railways, Mining industry, cement industry, chemical and fertilizer plants and power industries.