Shree Pushkar, Pennar initial public offerings sail through amid volatility

MUMBAI: Braving the sharp volatility in the stock market this week, two small initial public offerings (IPO) sailed through with support from high net worth investors and domestic institutions.

Shree Pushkar Chemicals and Fertilisers was subscribed 1.3 times and Pennar Engineered Building Systems 1.18 times. Both issues closed on Thursday. Shree Pushkar has raised aboutRs 70 crore through the IPO while Pennar Engineered has raised about Rs 156 crore.

Shree Pushkar saw strong interest from non-institutional investors who placed bids for 2.09 times the shares set aside for them. In the case of Pennar, qualified institutional buyers bid for 2.20 times the shares in their category. Retail portion of Shree Pushkar was subscribed 1.46 times while their response to Pennar Engineered was lacklustre. The non-institutional investors category of Pennar was subscribed by 1.44 times.