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Jan 19, 2018 08:09 PM IST | Source: Moneycontrol.com

Amber Enterprises IPO oversubscribed 165 times on final day

The air conditioner manufacturer’s IPO received bids for 1.99 crore shares against an issue size of 49 .27 lakh, data available with the NSE as of 11:50 am showed.

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Amber Enterprises’ initial public offering (IPO), which opened for subscription on January 17, 2019, has been subscribed over 165 times on the last day Friday.

The air conditioner manufacturer’s IPO received bids for 81.47 crore shares against an issue size of 49 .27 lakh, as per data available with the NSE website.

The reserved category of qualified institutional buyers has oversubscribed 174.98 times, non institutional investors 519.26 times and retail 11.56 times.

The company, which aims to raise around Rs 600 crore, had already raised Rs 179 crore from anchor investors on Tuesday.

The IPO includes fresh issue of shares worth up to Rs 475 crore and sale of scrips to the tune of Rs 125 crore by promoters Jasbir Singh and Daljit Singh.

The company plans to use the proceeds for repayment and advance payment of certain loans and other general corporate purposes.

Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas are managing the company's IPO.
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