The initial public offering of NAPS Global India, the textiles importer, has managed to get fully subscribed on the final day of bidding, i.e. March 6. The issue was opened on March 4.
The issue was subscribed 1.17 times as investors have bought 15.53 lakh equity shares during three days of subscription, compared to offer size of 13.2 lakh shares via 643 applications, the bids details published on the exchanges showed.
Retail investors provided decent support to the issue, bidding 1.6 times their reserved portion, while the part set aside for non-institutional investors was subscribed 0.89 times.
NAPS Global India will finalise the IPO share allotment by March 7. Post which, investors can start trading in its equity shares on the BSE SME, effective March 11.
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The Mumbai-based company that supplies fabrics to garment manufacturers in India entered capital markets to raise Rs 11.88 crore via public issue at a price of Rs 90 per share.
These IPO funds will be utilised for working capital requirement, and general corporate purpose.
Aryaman Financial Services acted as a book running lead manager to the issue.
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