21, February, 2024
HomeBusinessThaai Casting Prepares for IPO Debut: Key Details Unveiled

Thaai Casting Prepares for IPO Debut: Key Details Unveiled

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Thaai Casting, an automotive ancillary firm, is gearing up for its much-anticipated initial public offering (IPO) launch next week. Scheduled for subscription from February 15 to February 19, 2024, this SME IPO presents an enticing opportunity for investors to partake in the company’s growth trajectory.

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The IPO, valued at ₹47.20 crores, comprises an entirely fresh issue of 61.3 lakh shares, indicating a robust market entry for Thaai Casting. With a price band set between ₹73 to ₹77 per share, investors can participate by bidding for a minimum of 1600 shares, with subsequent bids in multiples thereof.

For retail investors, the minimum investment requirement stands at ₹123,200, while for High Net Worth Individuals (HNIs), it amounts to 2 lots (3,200 shares), totaling ₹246,400.

Heading the IPO is GYR Capital Advisors Private Limited as the book running lead manager, with Purva Sharegistry India Pvt Ltd serving as the registrar. Market making responsibilities rest with Giriraj Stock Broking, ensuring a streamlined process for investors.

In terms of reservation, the IPO allocates not more than 50 percent for Qualified Institutional Buyers (QIBs), while retail investors enjoy a minimum reservation of 35 percent. Additionally, a portion of at least 15 percent of the net issue is reserved for Non-Institutional Investors (NIIs), ensuring a fair distribution across investor segments.

Thaai Casting’s impressive financial performance underscores its potential, with revenue surging by 27.84% and profit after tax (PAT) soaring by 336.49% between fiscal years ending March 31, 2023, and March 31, 2022.

Specializing in High-Pressure Die Casting, precision Machining of Ferrous and Non-Ferrous materials, as well as Induction heating and quenching, the company demonstrates a diverse and robust operational portfolio.

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As anticipation builds for the IPO, the absence of Thaai Casting shares in the grey market indicates a promising outlook, with potential investors eagerly awaiting the public debut. With a seasoned team of promoters including Sriramulu Anandan, Anandan Shevaani, and Chinraj Venkatesan at the helm, Thaai Casting’s IPO presents a compelling opportunity for investors seeking exposure to the automotive ancillary sector.

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