Austral Coke IPO subscribed 1.32 times
The initial public offer of Austral Coke & Projects received bids for 1.32 times the shares on offer till the second day of its issue today, with most of the bids pouring in from the non-institutional investors.
By PTI |
MUMBAI: The initial public offer of Austral Coke & Projects received bids for 1.32 times the shares on offer till the second day of its issue today, with most of the bids pouring in from the non-institutional investors.
The issue, through which the company is planning to raise about Rs 142.29 crore, received bids for 96.17 lakh shares against 72.60 shares on offer, according to the latest data available on the National Stock Exchange.
The price band of the issue has been fixed between Rs 164 and Rs 196, and the issue would close on August 13.
At the upper end of the price-band the company would raise up to Rs 142.29 crore, while at the lower level it would raise about Rs 119.06 crore.
The portion reserved for qualified institutional buyers, which included foreign institutional investors, domestic financial institutions and mutual funds, got subscribed 1.89 times the shares on offer, while non-institutional investors bid for 2.21 times of the shares on offer.
However, portion reserved for retail investors remained under subscribed.
Austral Coke Projects is involved in the business of manufacturing coke and refractory apart from textile sector and providing rental of construction.
The Gremach group company plans to utilise the issue proceeds for setting up a 1.50 lakh metric tonnes per annum of Low Ash Metallurgical (LAM) Coke plant and a captive power plant at Sindhudurg in Maharashtra, and for general corporate purposes.
The issue, through which the company is planning to raise about Rs 142.29 crore, received bids for 96.17 lakh shares against 72.60 shares on offer, according to the latest data available on the National Stock Exchange.
The price band of the issue has been fixed between Rs 164 and Rs 196, and the issue would close on August 13.
At the upper end of the price-band the company would raise up to Rs 142.29 crore, while at the lower level it would raise about Rs 119.06 crore.
The portion reserved for qualified institutional buyers, which included foreign institutional investors, domestic financial institutions and mutual funds, got subscribed 1.89 times the shares on offer, while non-institutional investors bid for 2.21 times of the shares on offer.
However, portion reserved for retail investors remained under subscribed.
ADVERTISEMENT
Austral Coke Projects is involved in the business of manufacturing coke and refractory apart from textile sector and providing rental of construction.
The Gremach group company plans to utilise the issue proceeds for setting up a 1.50 lakh metric tonnes per annum of Low Ash Metallurgical (LAM) Coke plant and a captive power plant at Sindhudurg in Maharashtra, and for general corporate purposes.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
