Receives bids for 1.86 crore shares
The initial public offer of 20 Microns ended with 4.29 times subscription. The issue received bids for 1.86 crore shares, in which 1.33 crore bids were at the cut off price.
The qualified institutional buyers (QIBs) category was subscribed 0.90 times, The non institutional investors category was subscribed 1.97 times and the retail portion was subscribed 10.58 times.
The public issue of 43,50,632 equity shares of Rs 10 each, was in the price band of Rs 50-55 per share.
Through this IPO, the company plans to raise around Rs 9 crore to fund its expansion. Meanwhile, Gujarat Venture Capital Fund, which currently holds 43% stake in the company, will offload a part of its holding, reducing it to 19% of the post-issue equity.
The company intends to utilise the proceeds of the issue towards the current ongoing expansion plans of the manufacturing capacities at various locations, invest in the sub-micron particle sizes required by end-market and general corporate purposes.
The issue had been graded by the Credit Analysis and Research Limited (CARE) and has been assigned the IPO Grade 3, indicating Average Fundamentals. The equity shares are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE).
Source: CapitalMarket.com
Friday, September 12, 2008
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