Sotefin Bharat, a Kolkata‑based provider of automated parking solutions, launched its initial public offering on 17 July. The fresh issue consists of 48 lakh equity shares priced between Rs 178 and Rs 187 each. The company aims to raise Rs 89.76 crore from the sale.
On the final day of bidding, the IPO was fully subscribed 3.78 times, a sharp rise from the 81% subscription seen in the first two days. Investors placed bids for 1.29 crore shares through 6,046 applications, exceeding the 34.32 lakh shares offered.
Non‑institutional and retail investors led the demand, bidding 4.74 and 3.78 times their allotted quotas respectively, while qualified institutional buyers subscribed 2.82 times. The strong demand pushed the grey‑market premium down from over 10% to about 2% by the close.
The company will finalize share allotment on 21 July, and the shares are scheduled to list on the stock exchange on 23 July.
Sotefin Bharat’s technology comes from Switzerland‑based Sotefin SA and the firm specialises in mechanised and automated parking systems. It has already set up a manufacturing unit that produces structural steel components for these systems.
Before the IPO, the company raised Rs 25.58 crore on 15 July by allotting 13.68 lakh shares to 15 anchor investors, including Aidos India Fund and other growth funds.
Net proceeds of Rs 20.1 crore will be used to establish a new manufacturing facility in Kolkata, while Rs 8.17 crore will fund capital expenditure for a new office. An additional Rs 40 crore will support working capital needs, and the rest will be earmarked for general corporate purposes.
The new plant will focus on in‑house manufacturing of robots that are currently imported. This move represents vertical integration and will allow the company to control more of its production chain.
Choice Capital Advisors served as the merchant banker for the IPO, handling underwriting and marketing of the shares.
With a fully subscribed IPO and a clear plan for using the funds, Sotefin Bharat is positioned to expand its manufacturing capabilities and strengthen its presence in the automated parking market.