Plastic-moulded and metal-based toys maker K V Toys India has attracted overwhelming response from investors for its initial public offering (IPO) which received a massive 323.38 times subscription in last three days, while in the same period, Riddhi Display Equipments, and Prodocs Solutions public issues were fully subscribed.
All these three companies closed their public issues today, December 10 and will finalise their IPO share allotment by December 11. Their shares will be available for trading on the BSE SME effective December 15.
Investors have bid 39.19 crore equity shares of K V Toys India against its offer size of 12.12 lakh shares via 2.11 lakh applications. All categories of investors provided strong support to the issue with retail investors picking 376.41 times their allotted quota.
The parts set aside for non-institutional investors, and qualified institutional buyers were subscribed 355.8 times, and 193.25 times, respectively.
K V Toys India that operates on a contract manufacturing model through exclusive partnerships with 11 OEM’s facilities launched its Rs 40.15-crore IPO on December 8, with price band of Rs 227-239 per share.
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It intends to utilise Rs 20.9 crore of IPO proceeds for working capital requirements, Rs 11.7 crore for repayment of debt, and the remainder funds for general corporate purposes.
Meanwhile, the Rs 24.7-crore initial share sale of Riddhi Display Equipments, the display counter, kitchen and refrigeration equipment manufacturer, was subscribed 4.72 times with investors picking 1.16 crore shares against the offer size of 24.68 lakh shares via 4,221 applications.
Retail investors bid 7.95 times their allotted quota, followed by qualified institutional buyers (2.19 times), and non-institutional investors (2.19 times).
The Gujarat-based company approached capital markets for raising funds for its capex plans. It intends to utilise Rs 4.36 crore of IPO proceeds for interior work and purchase of new equipment/machineries for setting up of manufacturing cum assembly unit at Lucknow, Uttar Pradesh.
Further, Rs 4.98 crore will be used for purchase of new equipment/machineries/software for upgradation of existing manufacturing unit, and setting up of Showroom at Gondal, Rajkot, and Rs 9.73 crore for working capital requirements.
IT-enabled services company Prodocs Solutions also closed its maiden public issue today, with 2.55 times subscription. Investors applied for 36.73 lakh shares against the offer size of 14.42 lakh shares via 913 applications.
Non-institutional investors were at the forefront to boost subscription numbers, bidding 3.71 times their reserved portion. The allotted quotas of retail investors, and qualified institutional buyers were subscribed 2.38 times, and 1.59 times, respectively.
The Mumbai-based non-voice BPO company is raising Rs 27.60 crore via public issue of 20 lakh shares at the upper end of price band of Rs 131-138 per share. This comprised of fresh issue of 16 lakh shares, and an offer-for-sale of 4 lakh shares by promoters.
The fresh issue proceeds will be utilised for design, development, implementation & support for a tailored software, and capital expenditure towards purchase and installation of IT equipment, computer hardware, and other ancillary equipment.
Further, the funds will also be used for repaying debt, working capital requirements, and general corporate purposes.
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