Decorative laminates manufacturing company Manilam Industries India's initial share sale received good response from investors in its second day of bidding, subscribed 1.71 times on February 23 against 20 percent subscription on the opening day (i.e. February 20).
The offer will close for subscription on February 24.
The Uttar Pradesh-based company is raising nearly Rs 40 crore via initial public offering (IPO) of 57.9 lakh shares at the upper end of price band of Rs 65-69 per share. The IPO is a combination of fresh issue of 46.98 lakh shares, and an offer-for-sale of 10.92 lakh shares by existing shareholders.
Investors have bid 70.92 lakh shares against offer size of 41.52 lakh shares via 1,234 applications. Non-institutional investors led the charge to boost subscription numbers on Monday, bidding 3.72 times, while the portions set aside for retail investors, and qualified institutional buyers were subscribed 2 times, and 12 percent, respectively.
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Manilam Industries already raised Rs 11.3 crore by allotting 16.38 lakh shares to three anchor investors - Pine Oak Global Fund, Trendview Capital Fund, and North Star Opportunities Fund.
The company will spend Rs 1.25 crore proceeds from fresh issue for purchase of equipment or machinery, Rs 2.2 crore for purchase and installation of solar panel panels, and Rs 3.5 crore for repaying debt.
Further, Rs 16.65 crore will be utilised for working capital requirements, and the remainder funds for general corporate purposes.
Nexgen Financial Solution is acting as the merchant banker for the Manilam Industries India IPO.
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