Hy-Tech Engineers Shares Soar 41.5% In Market Debut Trade

Shares of hydraulic fitting manufacturer Hy-Tech Engineers Ltd listed with a huge premium of 41.5% against the issue price of ₹53 on Tuesday.

The stock made its market debut at ₹72, up 35.84% from the issue price on the BSE.

At the NSE, the stock listed with a huge premium of 41.50% at ₹75.

The company's market valuation stood at ₹716.99 crore.

The initial public offering of Hy-Tech Engineers Ltd was subscribed a whopping 244.41 times on the final day of the share sale on Thursday, helped by an impressive response from investors.

The ₹135.73-crore IPO had a price band of ₹50-53 per equity share.

The Maharashtra-based company had revised its IPO size by trimming the fresh issue to ₹60 crore from ₹70 crore earlier. It increased the Offer For Sale (OFS) component to nearly 1.43 crore shares from 1.19 crore shares earlier, as per the red herring prospectus (RHP).

It has proposed to utilise ₹29.96 crore from the net proceeds towards procurement of machinery and equipment for expansion at Kavathe Unit, Shirwal Unit and Pithampur Unit-I, and ₹16 crore will be used for repayment of loans.

The remaining amount will be used for general corporate purposes.

Hy-Tech Engineers operates on a business-to-business model across both domestic and international markets, catering to original equipment manufacturers and other industrial customers.