The initial public offering (IPO) of Craftsman Automation has been subscribed 3.8 times so far on March 17 (Wednesday), the last day of bidding. The issue received bids for around 1.47 crore shares against the offered size of 38.69 lakh equity shares.

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The reserved portion for retail investors has been subscribed 3.41 times while that of non-institutional investors 2.8 times. Qualified institutional buyers' reserved portion was subscribed by 5.21 times as per subscription data available on exchanges.

The IPO, which opened for subscription on March 15, had a price band of Rs 1,488-1,490 per share. The issue closes today. It consists of a fresh issue of shares worth Rs 150 crore and an offer for sale of 45,21,450 equity shares by existing shareholders.

Also Read: Craftsman Automation IPO opens today; Here are key things to know

The company had raised a little over Rs 247 crore on March 12 from anchor investors ahead of its initial share-sale. The promoter shareholding after the issue would reduce to 59.76 percent from 63.40 percent at present.

Craftsman Automation is a diversified engineering company with vertically integrated manufacturing capabilities, engaged in 3 business segments namely, Automotive - Powertrain and Others, Automotive – Aluminium Products, and Industrial and Engineering.

Read here: Craftsman Automation IPO opens: Should you subscribe?

“Craftsman Automation is a play on revival in the automotive industry, especially M&HCV space. With a lumpy capex cycle behind it & a focus on debt reduction, it is well poised to clock healthy returns ratios in FY22-23E. At IPO price, it is offered at reasonable forward valuations. We recommend Subscribe,” ICICI Direct said.

(Edited by : Abhishek Jha)

First Published:Mar 17, 2021 1:27 PM IST