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The company’s initial public offering (IPO) took place from October 30 to November 1 and was highly subscribed. The total bids received amounted to 22.46 crore equity shares against an offer of 45.66 lakh equity shares. The subscriptions were categorized as retail investors (39.82 times), Qualified Institutional Investors (QIB) (12.15 times), and Non-Institutional Investors (NII) (122.88 times).
From the IPO, Transteel raised ₹49.98 crore ($665,000). This included a fresh issue of 67.84 lakh equity shares totaling ₹47.49 crore ($631,000) and an offer for sale (OFS) of 3.56 lakh shares amounting to ₹2.49 crore ($33,000). Prior to the IPO, the company had secured ₹13.02 crore from anchor investors.
The IPO’s price band was set at ₹67 to ₹70 per share with a lot size of 2,000 shares. The proceeds from the IPO will be directed towards debt clearance, purchase of manufacturing equipment, funding working capital requirements, and other corporate expenditures.
Transteel has a solid foundation of 20 years in the corporate and B2B sector and operates from Yeshwanthpur, Bengaluru. It has expanded its reach to Mumbai, Chennai, Delhi NCR (NYSE:VYX), Pune, and Hyderabad, mirroring the successful debut of Cello World.
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