IPO
CLN Energy IPO subscribed 3.4 times
The SME initial public offering (IPO) of Noida-based lithium ion battery manufacturer CLN Energy was subscribed by 3.34 times. The INR 72 Cr IPO was entirely a fresh issue of 28.92 lakh shares at a price band of INR 235-250 per share.The proceeds from the IPO will be used for the purchase of machinery and equipment, funding of working capital requirements and other general corporate purposes.The retail portion of the issue was subscribed by 4.92 times, while the non-institutional investors category portion was subscribed by 2.87 times. The qualified institutional buyers had fully subscribed to their allotted portion with a subscription at 1.07 times.CLN Energy manufactures custom lithium-ion batteries, motors, and powertrain components for EVs, including controllers and converters. It offers B2B solutions for mobility and stationary applications under the brand.Aryaman Financial Services is the book running lead manager to the CLN Energy IPO issue.
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