Plastic injection moulding manufacturer Srigee DLM's initial public offering has attracted overwhelming response from investors, witnessing a subscription of 53.12 times on May 6, the second day of bidding.
The issue will close on May 7. The company is raising Rs 16.98 crore via maiden public issue of 17.14 lakh shares at a price of Rs 99 per share, the upper end of the Rs 94-99 per share price band.
Investors bid 6.53 crore equity shares in the last two days against an offer size of 12.3 lakh shares via 33,243 applications, subscription data on BSE showed.
Non-institutional and retail investors did the heavy lifting in terms of subscription, buying 83.1 times and 65.08 times their allotted quotas, respectively. The portion set aside for qualified institutional investors was subscribed 1.45 times.
On May 2, Srigee DLM has already raised Rs 4.8 crore by allotting 4.84 lakh shares to two institutional investors - Abundantia Capital, and Vikasa India EIF I Fund - via anchor book at a price of Rs 99 per share.
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The company will utilise IPO funds mainly for setting up a manufacturing facility at Greater Noida, Uttar Pradesh, and acquisition of machineries, apart from general corporate purposes.
The merchant banker handling the public issue is GYR Capital Advisors.
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