Austral Coke & Projects IPO subscribed 1.65 times

MUMBAI: The initial public offer of Austral Coke & Projects was subscribed 1.65 times till 5 pm on Wednesday. The price band of the issue has been fixed between Rs 164 and Rs 196, and the issue closes on August 13.

The public issue of Rs 142.29 crore received bids for 97.83 lakh shares against 119.75 shares on offer, around 16.12 lakh bids were received at the cut off price, according to the latest data available on the National Stock Exchange.

The portion reserved for qualified institutional buyers got subscribed 1.29 times the shares on offer, while non-institutional investor���s portion was subscribed 4.13 times.

However, portion reserved for retail investors was subscribed 0.23 times only.

The Gremach group company plans to utilise the issue proceeds for setting up a 1.50 lakh metric tonne per annum of Low Ash Metallurgical Coke plant and a captive power plant at Sindhudurg in Maharashtra, and for general corporate purposes.