The Rs 875-crore IPO received bids for 4.97 crore equity shares against 2.54 crore shares on offer, translating into a subscription of 2 times, at around 12 p.m.
The IPO comprises a fresh issue of Rs 675 crore and an offer for sale (OFS) of shares worth up to Rs 200 crore. The price band has been fixed at Rs 241-254 per share.
According to platforms tracking the grey market activities, the shares of the company are commanding a GMP of up to 30 percent. Investorgain quoted a GMP of Rs 72 for the shares of the company, indicating a listing gain of 28.35 percent. Meanwhile, IPO Watch, quoted a GMP of 29.53 percent.
Karamtara Engineering manufactures a range of engineering steel products, including transmission line towers, solar structures and tracker components, wind energy structures, structural steel profiles and fasteners for domestic and overseas markets.
The equity shares are proposed to be listed on both the BSE and NSE on September 17.