Nitesh Estates IPO 16% subscribed on Day 1

NEW DELHI: Realty firm Nitesh Estates’s Rs 405-crore IPO got subscribed 16% at the end of the first day of issue, with most of the bids coming from institutional investors. The issue received bids for 1.04 crore shares against 6.41 crore equities on offer for public. The Bangalore-based real estate developer has entered the capital market with shares in price band of Rs 54-56 a piece. The IPO closes on April 27.