Gold jewellery wholesaler Divine Hira Jewellers' initial public offering (IPO) saw a 3.76 times subscription, and logistics solutions provider Paradeep Parivahan's public issue managed to get fully subscribed on March 19, the final day of bidding.
Both companies will finalise their IPO share allotment by March 20, while their shares will be available for trading on the NSE Emerge and BSE SME, respectively, with effect from March 24.
Investors have bid for 1.33 crore equity shares compared to the offer size of 35.37 lakh shares via 7,446 applications during March 17-19, the subscription data on the NSE showed. Of which, 83.5 percent of shares were bid by retail investors, and the remainder from institutional and non-institutional investors.
Mumbai-based Divine Hira Jewellers, which specialises in 22-karat gold jewellery, approached capital markets to raise Rs 31.84 crore via the public issue of 35.37 lakh shares at a price of Rs 90 per share.
The company will utilise IPO funds mainly for repaying debt, and working capital requirements, besides general corporate purposes.
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The book-running lead manager handling the public issue is Horizon Management.
The company that provides logistics, ship husbandry, and stevedoring services in the Paradip Port, Odisha is raising Rs 44.86 crore via an initial share sale of 45.78 lakh shares at the upper end of the price band of Rs 93-98 per share.
The public issue was subscribed 1.64 times with investors buying 55.52 lakh shares against the offer size of 33.85 lakh shares via 2,121 applications, the subscription data on the BSE showed.
The part set aside for non-institutional investors was booked 1.82 times, and that of retail investors 1.66 times. Qualified institutional buyers bid 1.33 times their allotted quota.
Paradeep Parivahan intends to spend Rs 35 crore out of net issue proceeds for working capital requirements and the remainder of funds for general corporate purposes.
Share India Capital Services is acting as the merchant banker for the public issue.
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