Prakash Steelage’s IPO gets subscribed 1 68 times on final day of subscription for QIBs (09-Aug-2010)
Indian-Commodity : Ipo : Prakash Steelage’s IPO gets subscribed 1 68 times on final day of subscription for QIBs
Prakash Steelage‘s Initial Public Offering (IPO) of 62.5 lakh equity shares which opened for subscription on August 5 in a price band of Rs 110-110 per equity share has been subscribed 1.68 times on the day three of its subscription. It has received bids for 10531020 shares against the issue size of 6250000 shares, 2739780 bids have been received at the cut off price, as per the data available on NSE website at 16.00 pm.
The issue 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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