AMIC Forging IPO subscribed 140 times, retail portion booked 173 times

AMIC Forging Limited IPO has opened for subscription on November 29, and will close on Friday, December 1. Investors will able to bid for a minimum of 1000 shares and in multiples thereof. The face value of the equity shares is Rs 10 each. Its price band been set at Rs 121 to Rs 126.

As of 02:22 PM on the final day of bidding, AMIC Forging witnessed a subscription of 140 times. The issue garnered strong interest from retail investors, with a subscription rate of 173.71 times. Non-institutional buyers subscribed 174.57 times, and Qualified Institutions Buyers (QIBs) showed notable interest with a subscription rate of 46.96 times.

AMIC Forging Limited is a forging manufacturer specializing in producing forged components for various industries.

The company specializes in manufacturing precision machined parts catering to a diverse range of industries, including heavy engineering, steel, oil and gas, petrochemicals, chemicals, refineries, thermal power, nuclear power, hydropower, cement, sugar, and other related sectors.

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The AMIC Forging Limited IPO, valued at Rs 34.80 crore, comprises a solely fresh issue of 2,762,000 equity shares, with no offer for sale (OFS) component, as stated in the RHP (Red Herring Prospectus).

The company plans to use the net proceeds generated from the fresh issue for various purposes, including general corporate requirements, meeting working capital needs, and establishing a new manufacturing facility.

Bigshare Services Pvt Ltd is the registrar for the AMIC Forging IPO. Gretex Corporate Services Limited serves as the book running lead manager.

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_{Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.}