The maiden public issues of Parmeshwar Metal and Davin Sons Retail continued to see healthy buying interest from investors even on the second day of bidding, i.e. January 3. Both IPOs will close on January 6.
Parmeshwar Metal's Rs 24.74-crore initial public offering was subscribed 41.96 times with investors buying 12.17 crore equity shares against the offer size of 29.02 lakh shares, the subscription data on the BSE showed. The issue has received these bids through 54,505 applications.
Retail and non-institutional investors remained at the forefront to boost the IPO subscription, buying 76.86 times and 22.2 times their allotted quotas. Qualified institutional buyers also participated in the offer Friday, bidding 98 percent shares of their reserved portion.
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With a manufacturing unit in Gujarat, Parmeshwar Metal , which manufactures copper wire and rods by recycling copper scrap, targets to raise Rs 24.74 crore via fresh issue of 40.56 lakh shares at the upper end of price band of Rs 57-61 per share.
The company has already mobilised Rs 7.04 crore by allocating 11.54 lakh shares to anchor investors on January 1 at the upper price band. Six institutional investors participated in the anchor book including Next Orbit Growth Fund, Matterhorn India Fund, Saint Capital Fund, and Shine Star Build Cap.
The IPO proceeds will be utilised for setting up a new manufacturing facility at Dehgam, Gujarat, for manufacturing of bunched copper wire and 1.6 MM copper wire rod, furnace renovation for copper melting, and working capital requirements.
The initial share sale of Davin Sons Retail recorded 11.95 times subscription till Friday. Investors picked 1.9 crore equity shares against the offer size of 15.96 lakh shares through 8,794 applications, the BSE subscription data showed.
The part set aside for retail investors was subscribed 22.02 times, while non-institutional investors bought 3.13 times their allotted quota.
The Delhi-based company , which manufactures readymade garments including jeans, denim jackets, and shirts for other brands, targets to raise Rs 8.78 crore via public issue. The SME firm intends to spend IPO funds for the purchase of warehouse, and working capital requirements.
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