Koutons IPO subscribed nearly 2 times

MUMBAI: The initial public offer (IPO) of leading apparel manufacturing company Koutons got subscribed by nearly two times on the first day of the issue.

The IPO got subscribed 1.85 times, receiving 65.04 lakh bids against 35.24 lakh equity shares on offer, latest data available on the stock exchanges show.

The offer closes on September 21.

Koutons is expecting to raise up to Rs 146 crore from the public issue of about 35.2 lakh shares. The company has fixed the price band for the IPO at Rs 370-415 a share.

It plans to use the IPO proceeds to open more retail outlets and set up a manufacturing plant.

Meanwhile, the IPO of real estate developer Consolidated Construction Consortium Ltd (CCCL) remained under-subscribed as only 17,376 bids were received for 37 lakh equity shares on offer, the data showed.

CCCL is offering 37 lakh shares in the initial public offer at a price band of Rs 460-510 a share and expects to raise up to Rs 189 crore from the public issue.

The company plans to use the proceeds to finance acquisition of construction infrastructure, for investment in subsidiaries, expenditures towards skill and management development centre, repayment of loans and for general corporate purposes.