Prakash Steelage’s IPO gets subscribed 0 98 times on day one (05-Aug-2010)
Prakash Steelage‘s Initial Public Offering (IPO) of 62.5 lakh equity shares which has opened for subscription in a price band Rs 110-110 per equity share has been subscribed 0.98 times on the day one. It has received bids for 6132000 shares against the issue size of 6250000 shares, 2182860 bids have been received at the cut off price, as per the data available on NSE website at 18.00 pm.
The issue opened for subscription on August 5, 2010 and will close on August 9, 2010 for QIB bidders and August 10, 2010 for retail investors. The issue will constitute 35.71% of the post issue paid-up capital. Upto 1 lakh equity shares will be reserved in the issue for subscription by eligible employees. Keynote Capital is the book running lead manager for the issue.
The objects of the issue are to raise resources to part finance its expansion plan at the company’s existing manufacturing facility at Umbergaon, Gujarat and also to meet the additional working capital requirement.
Prakash Steelage is engaged in the manufacturing of seamless and welded stainless steel pipes, tubes and U-tubes.
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