NR Vandana Tex IPO sees 4.88 times subscription, Neptune Petrochemicals public issue booked 1.7 times on day 2

IPO Subscription

The initial public offering of NR Vandana Tex Industries was subscribed 4.88 times and that of Neptune Petrochemicals booked 1.7 times on the second day of bidding, i.e. May 29. Both companies will close their IPOs on May 30.

Investors have bought 2.16 crore equity shares of NR Vandana Tex Industries compared to the offer size of 44.37 lakh shares via 1,291 applications.

The Kolkata-based cotton textile products maker is raising Rs 27.89 crore via maiden public issue of 61.98 lakh shares at the upper price band.

The price band for the offer is Rs 42-45 per share.

NR Vandana Tex that makes sarees, salwar suits, and bed sheets intends to utilise IPO proceeds for its working capital requirements, repayment of loan, and general corporate purposes.

Meanwhile, Neptune Petrochemicals IPO received bids for 72.77 lakh shares compared to the issue size of 42.91 lakh shares through 853 applications.

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The company that manufactures and trades in bitumen products and emulsions seeks valuation of Rs 276 crore at the upper end of price band of Rs 115-122 per share.

Neptune Petrochemicals is raising funds up to Rs 73.2 crore via public issue of 60 lakh shares, which will be utilised for installation of additional plant and machinery and related infrastructure, purchase of office space, working capital requirement, and general corporate expenses.