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Nelcast IPO ended with 7.36 times subscription. The issue received total bids for 3.20 crore shares, from the total issue size of 43.50 lakh shares.
The total no bids in the Qualified Institutional Buyers (QIBs) category were 2.44 crore. The Foreign Institutional Investors (FIIs) bid for 1.67 crore shares, the Domestic Financial Institutions bid for 35.24 lakh shares and Mutual Funds bid for 40 95 lakh shares.
The Non Institutional Investors bid for 6.04 lakh shares. The retail investors bid for 69.91 lakh shares, from which 63.95 lakh shares were bid at cut off price and 5.95 lakh shares were bid at price.
The issue was priced between Rs 195 – Rs 219 per share.
Nelcast mainly caters to commercial vehicle and tractor industries. It plans to deploy the IPO proceeds for expansion and modernisation of its units in Andhra Pradesh and Tamil Nadu, to reach a production capacity of 1,50,000 MT per annum by 2008-09.
Its clientele include Tata Motors, Ashok Leyland, Eicher Motors, Tata Cummins, Mahindra and Mahindra, TAFE, International Tractors and New Holland India. It exports to the US, Europe and Australian markets, where it caters to Arvin Meritor, Volvo, SIGMA and Dobbie Dico Meter.
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