Hy-Tech Engineers IPO Day 3: GMP at 57%, subscription reaches 19.33x. Should you subscribe?
The Hy-Tech Engineers IPO entered its third day of bidding on August 26, with the issue subscribed 19.33 times by the end of Day 2. Retail investors led the demand, while the IPO’s grey market premium of Rs 30 indicated a potential 57% listing premium. Anand Rathi Research has assigned a “Subscribe - Long Term” rating to the issue, citing the company’s growth prospects and reasonable valuation.
The Hy-Tech Engineers IPO is currently seeing robust investor interest on its third day of bidding, with a grey market premium (GMP) suggesting a potential 57% premium over the issue price. Retail investors have been the biggest participants, subscribing the issue 27.26 times, while non-institutional investors and qualified institutional buyers account for 24.56 times and 62% of the subscription respectively.
The IPO comprises a fresh issue of 1.13 crore shares at Rs 60 crore and an offer for sale of 1.43 crore shares at Rs 75.73 crore. Hy-Tech Engineers claims to be well-positioned to benefit from the growth of the hydraulic fittings industry, and AnandRathi Research has assigned a "Subscribe - Long Term" rating to the IPO. However, the grey market premium is an unofficial indicator and should not be considered a guarantee of the IPO's actual listing price.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
