HP Telecom IPO subscribed 1.87 times, Swasth Foodtech issue booked 7.48 times on final day

IPO News

Mobile phones and accessories distributor HP Telecom India, and rice bran oil processing company Swasth Foodtech closed their initial public offerings with decent subscription on February 24.

Both public issues were opened on February 20. They will finalise their IPO share allotment by February 25, while the trading in both companies equity shares will commence on the NSE Emerge and BSE SME, respectively, on February 28.

HP Telecom India IPO

The maiden public issue of the Gujarat-based company was subscribed 1.87 times during February 20-24. Investors placed bids for 59.13 lakh equity shares agains the offer size of 31.69 lakh shares via 2,501 applications, the subscription data published on the NSE showed.

HP Telecom entered capital markets to raise Rs 34.23 crore via initial share sale at a price of Rs 108 per share.

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The company intends to utilise these IPO funds mainly for its working capital requirements, and the remainder for general corporate purpose.

Swasth Foodtech India IPO

The initial public offering of Swasth Foodtech India was booked 7.48 times during the same period. Investors have applied for 1.18 crore equity shares against the issue size of 15.87 lakh shares via 8,771 applications, the bids details available on the BSE showed.

The company, which markets and sells rice bran oil, along with byproducts in open markets, targets to mop up Rs 14.92 crore through public issue at a price of Rs 94 per share.

The main purpose of raising funds is to set up a packing line at the existing manufacturing unit. Further, the fresh issue money will be utilised for working capital requirements, and general corporate purposes.

Interactive Financial Services is acting as the merchant banker for HP Telecom India IPO, while Horizon Management is working as a book running lead manager for Swasth Foodtech India issue.