There was a muted response to the IPO of Pramara Promotions on its first day of subscription as investors bought 10.7 lakh shares, against the offer size of 24.24 lakh shares, resulting into a subscription of 44 percent on September 1.
Retail investors were in the forefront, buying 85 percent shares of the portion set aside for them, while the reserved part of high networth individuals was subscribed 7.5 percent.
The promotional products and gift items maker aims to raise Rs 15.27 crore via initial public offering which comprises only fresh issue portion of 24.24 lakh shares. The issue price is Rs 63 per share.
There is a reservation of 1.24 lakh shares for the market maker and the remaining shares of 24.24 lakh shares i.e. 23 lakh shares are divided with 50:50 ratio amongst retail and high networth individuals.
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The Mumbai-based company, which helps clients in promoting products and services to their customers, will utilise fresh issue proceeds for working capital requirements amounting to Rs 9.75 crore and the remaining for general corporate purposes, in the current financial year.
The issue will be closing next week, on September 5, while the listing of its equity shares will take place on the Emerge platform of National Stock Exchange on September 13.
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