Aditya Ultra Steel IPO Subscribed Over 4 Times On Day Two

Aditya Ultra Steel Ltd.'s initial public offering entered its second day of bidding after the issue was subscribed 2.10 times on the first day. The three-day offer entails a fresh issue of equity shares worth Rs 45.88 crore.

The Aditya Ultra Steel IPO's price band is set at Rs 59-62 apiece. The issue will close on September 11. Retail investors need to apply for a minimum of 2,000 shares, translating to an investment of Rs 1,24,000. High-net-worth individuals (HNIs) can invest in multiples of 4,000 shares, amounting to Rs 2,48,000.

The allotment of shares is expected to be finalised on September 12 with the listing scheduled on NSE SME on September 16.

Swastika Investmart Ltd. is the book-running lead manager of the Aditya Ultra Steel IPO, while Cameo Corporate Services Ltd. is the registrar for the issue.

The IPO was subscribed 4.49 times as of 7:00 p.m. on Tuesday.

• Institutional investors: 1.01 times.

• Non-institutional investors: 2.38 times.

• Retail investors: 10.36 times.

Established in 2011, Aditya Ultra Steel Ltd. specialises in manufacturing rolled steel products, including TMT bars, marketed under the "Kamdhenu" brand. The company operates a production facility in Wankaner, Gujarat, with an annual capacity of 1,08,000 MT for TMT bars, serving the construction and infrastructure sectors.

The IPO proceeds will be allocated towards capital expenditure in regard to investments in upgrading and expanding manufacturing facilities.

Funds will also be allocated towards working capital requirements to enhance operational liquidity and to fund various corporate needs.

For the fiscal year ending March 31, 2024, Aditya Ultra Steel reported an 11% increase in revenue. The company also reported a profit of Rs 7.92 crore in 2024 as compared to Rs 2.78 crore in the previous year.