Thejo Engineering IPO over subscribed

The qualified institutional buyers QIB category was subscribed 100 per cent,while non-institutional investors portion was subscribed 0.91 times and retail individual investors category received 2.44 times subscription.

The Chennai-based company has fixed a price band of Rs 402-430 per equity share of Rs 10 each.

The firm would become the first company to be listed on the small and medium enterprises SME exchange platform of the NSE,EMERGE.

IDBI Capital Market Services Ltd is the sole book running lead manager for the issue.

Thejo Engineering is an engineering solutions provider for bulk material handling,mineral processing and corrosion protection to the core sector industries like mining,power,steel,cement,ports and fertilisers among others.

The company proposes to invest the net proceeds of the issue to set up a poly-urethane unit with investment of Rs 68.28 lakh. It would invest Rs 6.87 crore in expansion of the existing facility,Rs 2.83 crore for setting up Ramp;D unit and Rs 1.69 crore for setting up a lining plant,all at Chennai.

It also proposes to invest Rs 6.42 crore in Thejo Australia Pty Ltd,its Australian subsidiary.