Readymade Steel India's IPO has received mild response from investors. It has managed to get subscribed nearly 1.68 times on last day today, supported majorly by retail investors - as per data available on National Stock Exchange.
The Rs 34.75 crore IPO has received bids for more than 65 lakh equity shares as against approximate issue size of 38.6 lakh shares. Reserved portion of retail investors has subscribed 4.18 times and non-institutional investors 1.37 times.
Readymade Steel is primarily in the business of providing ready to use steel for construction activities to the infrastructure industry.
A price band for the issue had fixed at Rs 90-108 a share.
Company intends to deploy issue proceeds for partly financing the expansion of existing facility at Khopoli, district Raigad, Maharashtra and setting up of new facilities near New Delhi and Raipur; pre-operative expenses including issue expenses; and working capital requirements.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
