Lithium ion battery manufacturer CLN Energy's initial public offering has subscribed 5.09 times on the final day of bidding, i.e. January 27 as the QIB (qualified institutional buyers) book has managed to sail through.
The company launched its public issue on January 23 to raise Rs 72.3 crore from the capital markets at the upper end of price band of Rs 235-250 per share. The book-built issue comprised of solely fresh issue of 28.92 lakh shares.
Investors applied for 1.05 crore equity shares during January 23-27, against the offer size of 20.71 lakh shares via 11,029 applications, the subscription data published on the BSE showed.
Retail investors picked 6.55 times their allotted quota and non-institutional investors 6.51 times their reserved portion, while qualified institutional buyers bought 1.07 times the part set aside for them.
The IPO share allotment will be finalised by January 28, while investors can start trading in CLN Energy shares on the BSE SME effective January 30.
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CLN Energy that offers B2B solutions for electric vehicles, and stationary applications (solar, energy storage systems, and telecommunications) has raised Rs 20.52 crore out of IPO size of Rs 72.3 crore via anchor book on January 22.
The public issue funds will be utilised by the company for purchase of machinery and equipment, working capital requirements, and general corporate purpose.
Aryaman Financial Services is acting as the merchant banker for the issue.
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