Jewellery manufacturer Retaggio Industries has closed its maiden public issue with 1.78 times subscription on April 2, backed by support from retail as well as non-institutional investors.
The company entered capital markets with a public issue on March 27 to raise Rs 15.5 crore at a price of Rs 25 per share. It is a fixed price issue.
Investors have subscribed for 1.1 crore equity shares compared to offer size of 61.98 lakh shares via 1,257 applications, the subscription data on the BSE showed.
Retail investors have bid 2.56 times their allotted quota, and non-institutional investors picked 1.35 times their reserved portion.
The company will finalise the IPO share allotment by April 3, and the trading in Retaggio Industries shares will commence on the BSE SME effective April 7.
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Incorporated in 2022, Retaggio, which demands valuation of nearly Rs 39 crore, intends to utilise Rs 11.5 crore out of net IPO proceeds for working capital requirements, and Rs 1.9 crore for repayment of debt.
Gretex Corporate Services acted as the sole merchant banker for the issue.
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