Indobell Insulation's initial public offering was subscribed 5.05 times on the second day of bidding, i.e. January 7. The IPO subscription will close on January 8.
The insulation products maker intends to mop up Rs 10.14 crore through initial share sale of 22.05 lakh shares at a price of Rs 46 per share. It is a fixed price issue.
Investors applied for 1.11 crore equity shares against the offer size of 22.05 lakh shares via 3,535 applications, the subscription data on the BSE showed.
Retail investors played a key role in the subscription numbers, buying 9.72 times their reserved portion, however, the part set aside for non-institutional investors was undersubscribed at 0.9 times.
Indobell Insulation that makes mineral and ceramic fibre nodules, and prefabricated thermal insulation jackets, which are used in residential, commercial, and industrial applications intends to utilise IPO proceeds for the purchase of additional plant and machinery, working capital requirements, and general corporate purposes.
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The Kolkata-based company will finalise the share allotment by January 9, while the trading in Indobell shares will commence on the BSE SME, effective January 13.
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