The initial public offer of 50 lakh shares of Porwal Auto Components has received mild response. The issue subscribed just 1.03 times, till 5 pm, as per NSE website. It has received bids for 51.66 lakh equity shares as against 50 lakh shares on offer.
The price band of the Rs 10 face value share is Rs 68-75 per share. The issue will close today.
The company would raise Rs 34 crore - Rs 37.50 crore. The issue would constitute 33.11 per cent of the post issue paid-up capital.
The company plans to use the proceeds to increase capacity of SG and CI castings from existing 6,600 metric tonne per annum to 27,600 metric tpa and set up a wind mill with power generation capacity of 1.5 MW for captive consumption.
The existing shares of the company are listed on the Over-the-Counter Exchange of India. The shares offered through the IPO will be listed on the BSE.
Keynote Corporate Services is the book running lead manager to the issue and Intime Spectrum Registry is the registrar.
Source: Moneycontrol.com
Thursday, December 20, 2007
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