Hy-Tech Engineers Leads Day 1 IPO Demand, Skyways, Symbiotec See Mixed Response

India's primary market saw a mixed response on the first day of bidding for three mainboard IPOs on Monday, with Hy-Tech Engineers attracting the strongest demand, while Skyways Air Services and Symbiotec Pharmalab witnessed more measured interest.

Hy-Tech Engineers' IPO was subscribed 7.65 times by 4:44 pm on Monday, according to exchange data.

Retail investors led the demand, with their portion subscribed 11.26 times. The NII category was subscribed 8.80 times, while the QIB portion, excluding the anchor allocation, stood at 0.50 times.

The ₹135.73-crore IPO has a price band of ₹50-53 per share and comprises a fresh issue of ₹60 crore and an offer-for-sale component worth around ₹76 crore.

The company plans to use the net proceeds for procurement of machinery and equipment, expansion, debt prepayment, capital expenditure and general corporate purposes.

Ahead of the IPO, Hy-Tech Engineers raised ₹40.72 crore from eight anchor investors through the allotment of 76.83 lakh shares at ₹53 apiece.

In the grey market, Hy-Tech Engineers shares were commanding a premium of ₹25, implying a potential listing gain of around 47.17% over the upper end of the IPO price band.

Skyways IPO Sees Muted Institutional Interest

Skyways Air Services' IPO was subscribed 0.90 times overall by 3:03 pm, receiving bids for 2.67 crore shares against 2.96 crore shares on offer.

Retail investors led the subscription, with their portion booked 1.29 times. The NII category stood at 0.62 times, while QIBs subscribed 0.43 times of their allotted quota.

The ₹583-crore IPO has a price band of ₹131-138 per share and comprises a fresh issue of ₹399 crore and an OFS worth ₹184 crore.

The company plans to use the fresh issue proceeds primarily for debt repayment of ₹216.8 crore and working capital requirements of ₹130 crore.

Skyways had secured anchor commitments of around ₹174.5 crore from 17 investors before the IPO opened.

The company's shares were commanding a grey market premium of ₹45, indicating a potential listing gain of around 33% over the upper price band.

Symbiotec Sees Moderate Bidding

Symbiotec Pharmalab's ₹1,757-crore IPO was subscribed 0.70 times by 3:30 pm on the first day, with bids for 91.68 lakh shares against 1.31 crore shares on offer.

The employee reservation portion was subscribed 1.19 times, while the sub-₹10 lakh NII category was subscribed 1.33 times.

Retail investors subscribed 0.82 times, while the broader NII category stood at 0.86 times. QIBs remained the weakest segment at 0.35 times.

The IPO has a price band of ₹938-988 per share and remains open for subscription until August 27.

In the grey market, Symbiotec Pharmalab's IPO GMP was signalling a potential listing gain of around 35% over the upper end of its price band.