Insulation products maker Indobell Insulation's initial share sale saw 2.2 times subscription on January 6, the first day of bidding, with investors buying 48.81 lakh shares against the offer size of 22.05 lakh shares via 1,546 applications.
The company approached capital markets to raise Rs 10.14 crore via fresh issue of 22.05 lakh shares at a price of Rs 46 per share. It is a fixed price issue.
These IPO proceeds will be utilised mainly for the purchase of additional plant and machinery, and working capital requirements, besides remainder money for general corporate purposes.
Retail investors bid for 4.26 times their reserved portion, and non-institutional investors picked 40 percent shares of their allotted quota, the subscription data on the BSE showed.
The public issue will close on January 8.
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The Indobell Insulation IPO share allotment will be finalised by January 9, while investors can start trading in shares on the BSE SME effective January 13.
Indobell Insulations is a manufacturer and contractor of insulation products like nodulated/granulated wool (mineral and ceramic fibre nodules) and prefabrication thermal insulation jackets. These products are used to insulate a variety of applications, including homes, commercial buildings, and industrial plants.
Finshore Management Services is acting as the book running lead manager to the issue.
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