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Pradip Overseas IPO oversubscribed 14 times
The initial public offer (IPO) of Pradip Overseas, a textile manufacturer with a niche focus on home linen products, has received good response from investors. It oversubscribed 14.08 times, as per data available on the NSE website.
The initial public offer (IPO) of Pradip Overseas, a textile manufacturer with a niche focus on home linen products, has received good response from investors. It oversubscribed 14.08 times, as per data available on the NSE website.
The issue received bids for 14.92 crore equity shares as against issue size of 1.06 crore shares.
The overwhelming response was seen from non-institutional investors, which reserved portion got subscribed 45.35 times followed by retail and qualified institutional investors, which portion overbid 10.53 times and 8.57 times, respectively.
The company via 1.06 crore shares issue, which closed today, plans to raise up to Rs 117 crore and the price band was at Rs 100-110 a share.
Pradip Overseas 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.
