SK Minerals IPO closes with 3.35 times subscription; Shlokka Dyes, Sihora Industries public issues sail through on final day

SK Minerals, Shlokka Dyes, Sihora Industries IPOs News

SK Minerals and Additives' initial public offering (IPO) closed with decent subscription numbers, while Shlokka Dyes, and Sihora Industries public issues managed to sail through on the final day of bidding, i.e. October 14.

Punjab-based SK Minerals that is involved in trading and manufacturing of specialty chemicals, with a primary focus on food and feed additives is raising Rs 41.15 crore via IPO of 32.4 lakh shares with a price band of Rs 120-127 per share.

Its IPO was subscribed 3.35 times during October 10-14, with investors bidding for 77.56 lakh shares against the offer size of 23.17 lakh shares via 2,256 applications.

Non-institutional investors were at the leading position to support the offer subscription, picking 5.56 times their allotted quota, while the portions set aside for retail and qualified institutional buyers (QIB) were subscribed 3.4 times and 1.01 times, respectively.

The company intends to utilise IPO proceeds for its working capital requirement, purchase of plant and machinery, and general corporate purpose.

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Meanwhile, Shlokka Dyes, which manufactures reactive dyes (a category of synthetic organic dyes) extensively utilised in the textile industry, has extended its public issue closing date twice since the launch on September 30 and took 10 days to get it fully subscribed.

On Tuesday, finally it closed with 1.11 times subscription against 81 percent in previous session, with investors picking 70.71 lakh shares against offer size of 63.5 lakh shares via 1,151 applications.

The reserved portion of non-institutional investors was subscribed 2.03 times, while that of QIB and retail investors got booked 1.02 times and 66 percent.

Shlokka Dyes approached capital markets to raise Rs 57.79 crore via IPO at the upper end of price band of Rs 88-91 per share. These funds will be used for capital expenditure for plant and machineries, repaying debt, working capital, and general corporate purposes.

The public issue of textile company Sihora Industries saw 1.26 times subscription during October 10-14 with investors bidding 20.24 lakh shares compared to IPO size of 16 lakh shares via 300 applications.

The company that manufactures narrow woven fabrics, lace, woven labels, tapes, zippers, elastics and other textile product for use in fashion and industrial sectors is raising Rs 10.56 crore via IPO.

The issue proceeds will be utilised for purchase of additional plant & machinery, repayment of borrowings, working capital requirements, and general corporate purposes.

All the three companies - SK Minerals, Shlokka Dyes, and Sihora Industries - will finalise their IPO share allotment by October 15, while their shares will be available for trading on the bourses effective October 17.