Initial public offer of integrated design and engineering service provider Shriram EPC got subscribed over two times on the first day of issue. Qualified institutional investors have given strong support to the issue, their reserved portion subscribed 3.57 times.
The Chennai-based company received bids for over 1.07 crore shares against 50 lakh shares on offer, data available on stocks exchanges show.
The issue, which began on January 29, would close on February 1. The price band of the issue has been fixed between Rs 290 and Rs 300.
Shriram EPC is planning to raise up to Rs 165 crore through the IPO. The company plans to utilise the issue proceeds to augment its power equipment manufacturing capacity.
Some amount from the IPO proceeds would also be utilised for acquisitions and working capital.
The company is diluting 11.66 per cent for the initial public offer. From the 50 lakh shares on offer, 60 per cent would be allocated to qualified institutional buyers and 30 per cent for retail investors and remaining 10 per cent would be for the non-institutional bidders.
The company is a service provider of integrated design, engineering, procurement, construction and project management services for renewable energy projects, process and metallurgical plants and wind turbine generator.
Source: Moneycontrol.com
Wednesday, January 30, 2008
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