The initial public offering of PDP Shipping & Projects, the logistics solutions provider, has subscribed 22.8 percent on March 10, the first day of bidding. The offer will remain open till March 12.
Investors has applied for 2.14 lakh equity shares on Monday compared to the offer size of 9.37 lakh shares via 206 applications, the subscription data published on the BSE showed.
Retail investors have bought 45.2 percent shares of their reserved portion, while the part set aside for non-institutional investors was subscribed 2.9 percent.
The multi-modal transport operator entered capital markets to raise Rs 12.65 crore via public issue at a price of Rs 135 per share. It is a fixed price issue.
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The company intends to utilise Rs 10 crore out of IPO proceeds mainly for long-term working capital requirements, and Rs 80 lakh for general corporate purposes.
Sun Capital Advisory Services is acting as the book running lead manager to the issue.
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