BSE SME Kalyani Cast-Tech rallies on listing

Shares of Kalyani Cast-Tech were quoting at Rs 277.30 on the BSE, a premium of 99.50% compared with the issue price of Rs 139.

The scrip was listed at Rs 264.10, up 90% over the initial public offer (IPO) price. The stock was currently frozen in an upper limit of 5% over its listing price.

The counter hit a high of Rs 277.30 and a low of Rs 264.10. About 8.72 lakh shares of the company changed hands at the counter.

The initial public offer (IPO) of Kalyani Cast-Tech was subscribed 122 times. The issue opened for bidding on 8 November 2023 and it closed on 10 November 2023. The price band of the IPO was set between Rs 137 to 139 per share.

The IPO comprised fresh issue of 21,66,000 shares. The promoter and promoter shareholding diluted to 69.83% from 100% pre-IPO.

The company intends to utilize the net proceeds to meet working capital requirements and general corporate purpose.

Ahead of the IPO, Kalyani Cast-Tech on 7 November 2023 raised Rs 7.50 crore from anchor investors. The board allotted 5.40 lakh shares at Rs 139 per share to 4 anchor investor.

Kalyani Cast-Tech has class A foundry and manufactures products such as MG Coupler Components, CI Brake Blocks, Adapter for WDG4 Loco, Bearing housing for electrical loco, Corner casting for Containers motor hub traction motors etc. It caters to a diverse client base such as Indian railways, companies engaged in Mining Industry, Cement Industry, chemicals and fertilizer and power plants. The company had 138 employees.

The company recorded revenue from operations of Rs 24.64 crore and net profit of Rs 2.93 crore for the period as on 30 June 2023.

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