Decorative laminates manufacturing company Manilam Industries India's initial share sale closed with 5.89 times subscription on February 24, the final day of bidding, as the demand was healthy from across categories of investors.
The company hit capital markets on February 20 to raise Rs 40 crore via public issue of 57.9 lakh shares, which comprised of fresh issue of 46.98 lakh shares, and an offer-for-sale of 10.92 lakh shares. The price band for the offer was Rs 65-69 per share.
In last three sessions i.e. February 20-24, investors have applied for 2.44 crore equity shares against offer size of 41.52 lakh shares via 3,739 applications. Non-institutional investors took the lead to boost subscription numbers, bidding 12.84 times their allotted quota.
The parts set aside for retail investors, and qualified institutional buyers were subscribed 5.87 times, and 2.2 times, respectively.
The Uttar Pradesh-based decorative laminates maker will finalise IPO share allotment by February 25, while the trading in its equity shares will commence on the NSE Emerge on February 27.
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With manufacturing facility in Bareilly, the company that operates on a business-to-business (B2B) model focussing on the sale of laminates will utilise Rs 3.45 crore of proceeds from fresh issue for purchase of equipment/machinery, and purchase and installation of solar panel panels.
Further, Rs 3.5 crore will be used for repaying debt, Rs 16.65 crore for working capital requirements, and the remainder funds for general corporate purposes.
Nexgen Financial Solution acted as the sole book running lead manager for the Manilam Industries India IPO.
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