Cords Cable IPO subscribed 4.98 times on last day

MUMBAI - The public offering of Cords Cable Industries Ltd has been subscribed 4.98 times, according to information available on the National Stock Exchange website as at 5 pm Thursday. Initial subscription to the issue, which opened Monday, closed today.

The issue received bids for 153 lakh shares against 30.85 lakh shares on offer. At the cut off price, 25.31 lakh bids were received.

The price band of the offering was Rs 125-135 per share. The shares will be listed on Bombay Stock Exchange and National Stock Exchange.

Cords Cable manufactures cables up to 1.1 KV for various applications including industrial, utility and buildings. The company plans to utilise the issue proceeds to part finance its expansion and also to diversify its business.