The Rs 875-crore IPO received bids for 84.18 crore shares against 2.54 crore shares on offer, according to data available till 3 pm.
Karamtara Engineering, which manufactures engineering steel products for the renewable energy and power transmission sectors, had earlier raised Rs 262.50 crore from anchor investors.
According to platforms tracking the grey market activities, the shares of Karamtara Engineering are commanding a GMP of up to 26 percent. Investorgain quoted a GMP of Rs 65 for the shares of the company, indicating a listing gain of 25.6 percent.
The price band for the issue has been fixed at Rs 241-254 per share, valuing the company at around Rs 7,790-8,174 crore.
The company manufactures transmission line towers, solar structures and tracker components, wind energy structures, structural steel profiles and fasteners for domestic and overseas markets.