Pradip Overseas IPO subscribed 14 times
Wednesday, 17 March 2010
NEW DELHI, Mar 16 (PTI): Home linen products maker Pradip Overseas' initial public offer (IPO) has received good demand from investors and has got subscribed over 14 times at the end of the issue Monday.
The total QIB portion was subscribed 8.57 times while the HNI was subscribed 45.35 times, it said said in a statement.
The retail portion was subscribed 10.53 times. "Textiles has been a neglected sector for a very long time. Pradip Overseas has received excellent support in their IPO and the fact that the issue has been subscribed over 14 times is very encouraging," Kejriwal Research and Investments Services founder Arun Kejriwal said.
The company has entered the capital market with an issue size of 10.6 million shares of Rs 10 each in the price range of Rs 100-110 a piece.
At the upper end of price band, the company would be able to raise up to Rs 1.16 billion, while at the lower end the IPO is valued worth Rs 1.06 billion. The IPO opened on March 11.
The total QIB portion was subscribed 8.57 times while the HNI was subscribed 45.35 times, it said said in a statement.
The retail portion was subscribed 10.53 times. "Textiles has been a neglected sector for a very long time. Pradip Overseas has received excellent support in their IPO and the fact that the issue has been subscribed over 14 times is very encouraging," Kejriwal Research and Investments Services founder Arun Kejriwal said.
The company has entered the capital market with an issue size of 10.6 million shares of Rs 10 each in the price range of Rs 100-110 a piece.
At the upper end of price band, the company would be able to raise up to Rs 1.16 billion, while at the lower end the IPO is valued worth Rs 1.06 billion. The IPO opened on March 11.