Vascon Engineers IPO fully subscribed

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The initial public offering (IPO) of Vascon Engineers, an engineering, procurement and construction (EPC) services and real estate development company, has received mild response from investors. It has been subscribed 1.22 times, as per the data available on the NSE website.

Non-institutional investors and qualified institutional investors supported the issue; their reserved portion subscribed 3.65 times and 1.12 times, respectively. Retail investors' portion got subscribed just 0.62 times.

The issue of 10,800,000 equity shares closed today. It had opened for subscription on January 26. The price band was between Rs 165 and Rs 185 per equity share.

The issue constituted 11.95% of the fully diluted post issue paid-up capital of the company and the net issue constituted 11.84% of the fully diluted post issue paid-up capital of the company.

Promoters' shareholding will be reduced to 38.41% post issue, which includes 13.19% stake of R Vasudevan and Lalitha Vasudevan.

The issue proceeds will be used for construction of EPC contracts & real estate development projects; repayment of debt and general corporate purposes.

The book running lead managers to the issue are Kotak Mahindra Capital Company Limited and Enam Securities Private Limited.