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Pradip Overseas IPO fully subscribed on day 1
The initial public offering (IPO) of Pradip Overseas, a textile manufacturer with a niche focus on home linen products, has received good response on day one. It has been subscribed 2.11 times so far, as per data available on the NSE website.
The initial public offering (IPO) of Pradip Overseas, a textile manufacturer with a niche focus on home linen products, has received good response on day one. It has been subscribed 2.11 times so far, as per data available on the NSE website.
The reserved portion of qualified, non-institutional and retail investors got subscribed 1.09 times, 7.05 times and 1.7 times, respectively.
The 1.06 crore shares issue of Pradip will close on March 15. The company plans to raise up to Rs 117 crore through the issue and the price band is at Rs 100-110 a share.
The company will use the proceeds to part finance a manufacturing facility in a textile SEZ, which is being developed by Pradip Overseas itself and also to finance the incremental margin money requirement for working capital. This facility will be ready by March 2011.
Anand Rathi Advisors is the sole Book Running Lead Manager to the issue.
The company's product portfolio include flat and fitted sheets for double and single beds both in narrow width and wider width, quilt covers and pillow covers, mattress covers, quilts poly/cotton filled and curtains.
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