Meghmani Organics IPO subscribed 24 times

MUMBAI: The six crore share public offer of Meghmani Organics Ltd. was subscribed 23.94 times. The IPO opened on Monday and closed Thursday.

The 100% book build offer was made in the price band of Rs 17 and Rs 19 per share of Re 1 each. Non-institutional investors subscribed 44.75 times the 60 lakh shares offered to them, qualified institutional buyers applied 19.43 times the 3.60 crore shares on offer, and retail investors subscribed the balance shares on offer 26.01 times.

Meghmani Organics Ltd. is a manufacturer of pigments and agrochemicals is offering 53,68,421 equity shares in the price band of Rs 17 and Rs 19 per share of Re 1 each. Totally 1.43 billion bids were received. Meghmani Organics has presence in pigments and agrochemicals. It specialises in green and blue pigments, which find use printing inks, plastics, rubber, paints, textiles, leather and paper.

The company has four manufacturing facilities located in the chemical belt of India. The objects of the issue are to finance a new high performance pigment plant at Vatva, Ahmedabad and a multi-purpose agro-chemicals plant at Panoli. The company will also use the proceeds to invest in Meghmani Energy, finance a 3 MW captive power plant at Chharodi, diversification opportunities and working capital requirements.