The Rs 19-crore IPO of Thejo Engineering has been subscribed 63% today, according to the information available on NSE. The QIB portion was fully subscribed.

Thejo Engineering is an engineering solution provider for bulk material handling, mineral processing and corrosion protection to the core sector industries like mining, power, steel, cement, ports, fertilizers etc.

The maximum bids have been received at lower end of price band of Rs 402 430 a share. The issue will close for subscription on Thursday, September 6, 2012.

IDBI Capital Market Services Ltd is the sole book running lead manager for the issue and Cameo Corporate Services Ltd is the registrar to the issue.

The company proposes to invest the net proceeds of the Issue to set up a poly-urethane unit with investment of Rs 68.28 lakh, expansion of the existing facility with an investment of Rs 6.87 crore, setting up R&D unit with a total outlay of Rs 2.83 crore and setting up a lining plant with a total cost of Rs 1.69 crore, all at Chennai. It also proposes to invest Rs 6.42 crore in Thejo Australia Pty Ltd., its Australian subsidiary.