Craftsman Automation shares made a tepid opening on the stock exchanges. Craftsman Automation shares opened for trading at a discount of nearly 9 per cent at Rs 1,359 against its issue price of Rs 1,490. However, Craftsman Automation shares soon bounced back from intraday low and were trading 8 per cent higher at Rs 1,461 from the opening price but down 2 per cent from the issue price.
Craftsman Automation share sale via initial public offering (IPO) was subscribed 3.81 times on the final day of subscription. Craftsman Automation received over 1.47 crore bids for its shares as against 38.69 lakh shares on the offer, data from the National Stock Exchange showed. A total of 51,21,100 bids were received at the cut off price, according to the NSE.
Craftsman Automation saw good demand for its shares from the qualified institutional buyers (QIBs) as the portion reserved for them was subscribed 4.91 times. Portions for retail and non-institutional investors were subscribed 1.68 and 1.37 times respectively.
Craftsman Automation sold shares in the price band of Rs 1,488 to 1,490 per equity share and at the upper band company plans to raise Rs 823.70 crore from the IPO.
Craftsman Automation is an engineering organization that is engaged in manufacturing precision components. The company designs, develops, and manufactures a range of engineering products. It is one of the leading players in the machining of cylinder blocks for the tractor segment.