Metalic Technoforge IPO Day 1: Issue subscribed 28% so far. Check GMP, issue details

The Metalic Technoforge initial public offering (IPO) began on Tuesday, 21 July, and will end on Thursday, 23 July. The Metalic Technoforge IPO price band is ₹72-77 per equity share, with a face value of ₹10 per share.

Established in 2016, Metalic Technoforge produces closed-die forgings and precision-machined components such as rings, ball studs, gears, and coupling assemblies, serving both domestic and international original equipment manufacturers in sectors such as automotive, agricultural equipment, hydraulics, construction machinery, and general engineering.

At present, Metalic Technoforge operates three manufacturing facilities that handle processes including forging, heat treatment, shot blasting, quality control, finished product storage, packaging and shipping, raw material storage, cutting, die manufacturing, and tooling.

Metalic Technoforge IPO GMP is ₹0, indicating shares are trading at the issue price of ₹77 with no premium or discount in the grey market, according to investorgain.com.

Metalic Technoforge IPO subscription status was 28% on day 1, so far. The retail portion is subscribed 49%, and NII portion has been booked 17%, QIBs portion is yet to receive bids.

The company has received bids for 12,20,800 shares against 43,20,000 shares on offer at 14:38 IST, according to chittorgarh.com

The Metalic Technoforge IPO is a completely fresh issue of 64.88 lakh equity shares, aggregating to nearly ₹50 crore at the upper end of the price band. As there is no offer for sale (OFS) component, the company will receive the entire proceeds from the issue.

The company plans to utilise ₹30.8 crore from the net proceeds to set up its proposed Manufacturing Unit IV and upgrade existing facilities at its manufacturing plant in Rajkot. It has also earmarked ₹6.72 crore for the repayment or prepayment of certain borrowings, while the remaining funds will be used for general corporate purposes.

Smart Horizon Capital Advisors is the book-running lead manager to the issue. The company's equity shares are proposed for listing on the NSE Emerge platform, with a tentative listing date of 28 July.

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Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ...