Insecticides India IPO subscribed 2 times
The initial public offer (IPO) of Insecticides India Ltd (IIL) got subscribed nearly two times on its last day.
By PTI |
MUMBAI: The initial public offer (IPO) of Insecticides India Ltd (IIL) got subscribed nearly two times on its last day.
The IPO, which opened on May 7, received 63.17 lakh bids for its offer of 32 lakh equity shares, latest data available at the stock exchanges shows.
IIL, a manufacturer and distributor of plant protection chemicals and house hold pesticides, received decent response from retail and non-institutional investors.
The portion reserved for the retail investors got subscribed over four times receiving 49.93 lakh bids, while the Qualified Institutional Buyers part remained undersusbscribed.
The price band of the IPO has been fixed between Rs 97 and Rs 115 per equity share.
The proceeds of the IPO would be used to set up a formulations plant at Samba in Jammu and Kashmir and a manufacturing technical plant and research and development facility in Rajasthan.
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