Rushil Decor IPO subscribed 2.62 times on retail support

Decorative laminated sheets manufacturer Rushil Decor's initial public offering has subscribed more than 2.62 times, supported majorly by retail investors, as per data available on National Stock Exchange.

The issue has received bids for over 1.4 crore equity shares as against issue size of 54 lakh equity shares (excluding promoters contribution of 2,43,750 equity shares).

Reseved portion of retail investors has subscribed more than 6.5 times and non institutional investors 1.35 times.

Company manufactures decorative laminated sheets with a network of branches, distributors and dealers across India. Company offers comprehensive engineered interior products including decorative laminate sheets and plain particle boards.

Issue proceeds are proposed to be used for setting up of medium density fibre board (MDF) plant at Amble Industrial Area, Chikmagalur, Karnataka; and for working capital requirement.

The price band for the issue was Rs 63-72 a share.