Thaai Casting IPO fully subscribed on day 1 led by retail investors; check GMP
Thaai Casting IPO has opened for subscription on Thursday, February 15, and will close on Tuesday, February 20. Thaai Casting IPO price band has been set in the range of ₹73 to ₹77 apiece. Thaai Casting IPO lot size consists of 1,600 shares. Investors can bid for a minimum of 1,600 shares and in multiples thereof.
Thai Casting Limited is an automobile auxiliary firm that specialises in precision machining of ferrous and non-ferrous materials, induction heating and quenching, and high-pressure die casting.
Anandan Shevaani, Sriramulu Anandan, and Chinraj Venkatesan are the company’s promoters.
Also Read: Thaai Casting IPO: Here’s price band, date, GMP and other details
As per the Red-herring prospectus (RHP), the company’s listed peers are Endurance Technologies Limited (with P/E of 41.98), and Electro Steel casting Limited (with P/E of 16.7).
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From March 31, 2022 to March 31, 2023, Thaai Casting Ltd.’s profit after tax (PAT) climbed by 336.49%, while its revenue increased by 27.84%.
Thaai Casting IPO details
The SME IPO is a a book built issue of ₹47.20 crores and is entirely a fresh issue of 61.3 lakh shares.
The issue’s objectives are to pay for the issue’s expenses, general corporate purposes, and capital expenditures.
The registrar of the Thaai Casting IPO is Purva Sharegistry India Pvt Ltd, while the book running lead manager is GYR Capital Advisors Private Limited. Market makers Giriraj Stock Broking and Commodity Mandi are in charge of the Thaai Casting IPO.
Thaai Casting IPO subscription status
Thaai Casting IPO subscription status is 1.49 times on day 1, so far. The issue received positive response from retail investors who’s portion set was subscribed 2.62 times, and non-institutional buyers who’s portion was subscribed 85%, as per data available on chittorgarh.com.
The company has received bids for 60,38,400 shares against 40,48,000 shares on offer, according to data on chittorgarh.com.
Thaai Casting IPO Review
“Thaai Casting is a distinguished automotive ancillary company and has posted growth in its top and bottom lines for the reported periods. The management is confident of improving the trends established so far. Based on FY24 annualized earnings, the issue appears fully priced. Investors may park funds for the medium to long term rewards. The closing date is extended by a day to February 20, 2024 due to Bank Holiday on February 19, 2024,” said Dilip Davda, the contributing editor at Chittorgarh.
Thaai Casting IPO GMP today
Thaai Casting IPO GMP or grey market premium is +24. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Thaai Casting share price was indicated at ₹101 apiece, which is 31.17% higher than the IPO price of ₹77.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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Published: 15 Feb 2024, 02:18 PM IST
