Shares of Pradip Overseas to list on April 5

MUMBAI: Shares of Pradip Overseas, manufacturer of Home Linen Products, will list on the stock exchanges on April 5, 2010. The company has fixed the issue price at Rs 110 per share.

The IPO received good response from the capital market as the issue was subscribed over 14 times.

The company had raised around Rs 116.6 crore from the public offer and intends to use the proceeds to part fund a manufacturing facility in a textile SEZ and partly finance the incremental margin money requirement for working capital.

Pradip Overseas’ current manufacturing capacity is 136.50 million metres per annum with an average capacity utilization of 92 per cent. It is enhancing its capacities to 169.50 million metres per annum in order to meet the expanding demand.