Exim Routes, a global platform facilitating the exchange of recyclable paper product materials, has closed its initial public offering with more than 14 times subscription, while the public issues of Ashwini Container Movers, and Stanbik Agro managed to sail through on December 16, the final day of bidding.
All three companies will finalise their IPO share allotment by December 17, and their shares will be available for trading on the bourses effective December 19.
Investors have bid 5.06 crore equity shares against the Exim Routes' offer size of 35.58 lakh shares via 6,702 applications, resulting into a 14.23 times subscription during December 12-16.
Gurugram-based Exim Routes that provides end-to-end services to Indian paper mills (from sourcing or procurement of waste paper to quality assurance and logistics wastepaper to mills), approached capital markets to raise Rs 43.73 crore via maiden public issue of 49.69 lakh shares. The price band for the offer was Rs 83-88 per share.
The IPO proceeds will be utilised for development and maintenance of the ERIS platform, working capital to fund business growth, investment in office space to accommodate new hires, and the remainder funds for general corporate purposes.
The Exim Routes IPO is managed by the merchant banker Narnolia Financial Services.
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Meanwhile, Ashwini Container Movers' initial share sale was subscribed 1.66 times with investors picking up 59.33 lakh shares against the IPO size of 35.84 lakh shares via 1,209 applications.
The Maharashtra-based company that provides surface transportation of goods in containerised trucks through over 300 vehicles is raising Rs 71 crore via public issue of 50 lakh shares at the upper end of price band of Rs 135-142 per share.
It will utilise issue proceeds for repayment of certain borrowings, purchase of trucks, and the remainder for general corporate purposes.
Corporate Professionals Capital is acting as the book running lead manager for the Ashwini Container Movers IPO.
Gujarat-based fruits and vegetables supplier Stanbik Agro' initial public offering was booked 1.46 times as investors bid 59.76 lakh shares against the IPO size of 40.92 lakh shares via 454 applications.
The company that involves in contract farming, wholesaling and supplying of agricultural commodities hit capital markets on December 12 to mobilise Rs 12.3 crore via public issue at Rs 30 per share. These funds will be utilised mainly for expansion of retail network by launching new retail outlets, brokerage charges, security deposits, and working capital requirement besides general corporate purpose.
The Stanbik Agro IPO is handled by Grow House Wealth Management as a merchant banker.
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