IPO Of Midfield Industries Gets Good Response (20-Jul-2010)
Midfield Industries’ initial public offering (IPO) has received good response and has been oversubscribed almost two times on day two.
The issue, which will be closing on July 21, has been subscribed 1.99 times so far. It has received bids for 8950000 shares as against issue size of 4500000 shares. 1103750 bids have been received at the cut off price, as per the data available on NSE website at 14.00 pm.
The company planned to raise Rs 56.70-59.85 crore at a price band of Rs 126-133 per share. The book running lead manager to the issue is Atherstone Capital Markets, while Big Share Services is the registrar.
The company plans to utilize these proceeds for expansion of capacities at the existing plants; setting up new facilities and augmenting long term working capital requirement of the company.
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