Co-working and managed office space provider Nukleus Office Solutions' initial share sale remained undersubscribed at 0.31 times on the first day of bidding, i.e. February 24. The issue will close on February 27.
Investors have applied for 4.2 lakh equity shares against the offer size of 13.54 lakh shares via 529 applications, the subscription data published on the BSE showed.
It is a fixed price issue with offer price at Rs 234 per share.
The New Delhi-based company approached capital markets to raise Rs 31.7 crore via initial public offering. These IPO funds will be utilised for capital expenditure and security deposit toward the establishment of new centres, and building up technology platform, integration of all centres, online client interaction and mobile application.
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Further, the money will also be used for advertisement expenses toward enhancing the visibility of its brand, and general corporate purposes.
The merchant banker handling the public issue is Sundae Capital Advisors.
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