Aishwarya Telecom manufacturer of Test and Measurement Instruments like Mobile Tester, Fiber Optic Tester, Data Tester, Cable Fault Locator will list on the bourses with its equity shares on May 7. Its BSE ID is 532975.

The company had fixed the issue price at Rs 35 per equity share for its initial public offering of 40 lakh shares. The initial public offer of Aishwarya Telecom was subscribed 20 times.

Retail investors and non institutional investors had given strong support to the issue, their reserved portion was subscribed 34 times and 29 times, respectively followed by 8.4 times subscription in QIB category.

Aishwarya will use the proceeds of the issue to increase its manufacturing capabilities and infrastructure, fund research projects and for general corporate purposes.

Its clients include BSNL, Tata Tele Services and Bharati Telenet. It also exports cable fault locators to France, Taiwan, Czech Republic and Dubai.

The company also manufactures products for telephone service providers, defence sector, railways, telecom equipment companies and cable TV operators.

SREI Capital Markets Ltd and Sobhagya Capital Options Ltd were managing the issue.