The initial public offering of the Ahmedabad-based Kiri Dyes and Chemicals (KDCL), manufacturer and exporters of dyes and dyes intermediates, has subscribed just 0.57 times, as per NSE website. The issue has received bids for 21.40 lakh shares as against shares on offer.
Qualified and non institutional buyers were supporters to the issue; their reserved portion subscribed by 0.92 times and 0.59 times, respectively.
The issue has opened for subscription with its IPO of 37.5 lakh equity shares of face value of Rs 10 each, to raise funds for executing its backward integration project for manufacturing three key raw materials for dye intermediates. The price-band is between Rs 125 to Rs 150 per equity share.
The shares will be listed on Bombay Stock Exchange and National Stock Exchange of India. The book running lead manager to the issue is Centrum Capital.
Source: Moneycontrol.com
Sunday, March 30, 2008
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