IPO Action | There will be only one public issue from the mainboard segment and the remaining six initial public offerings are from the SME segment, while their total fund raising will be little more than Rs 300 crore.
Konstelec Engineers IPO, priced at Rs 66-70 per share, aims to raise approximately Rs 28.70 crore. The issue has been subscribed 11 times on the first day, with the retail category booked nearly 20 times. The NII portion has been subscribed 6.23 times, and institutional investors portion received 3.52 times bids. Konstelec Engineers plans to utilize the funds for working capital expenses, procurement support, and general corporate purposes.
Given the optimism at Dalal Street, in the coming week, the market may climb further higher to 22,000-22,100 levels on the Nifty 50, but intermittent consolidation can t be ruled out, with focus majorly on corporate earnings.