Astron Paper and Board Mills' initial public offer (IPO) was over-subscribed 12.39 times on the third day of issue on Tuesday. The IPO to raise Rs 70 crore received bids for 17,34,31,720 shares against the total issue size of 1,40,00,000 shares, data available with the NSE showed. The portion reserved for qualified institutional buyers (QIBs) was over-subscribed 5.74 times and that of non- institutional investors 1.15 times.
The segment set aside for retail investors was over-subscribed 33.57 times. The issue, which would close on Wednesday, is in the price band of Rs 45-50. Pantomath Capital Advisors Private Limited is the book running lead manager to the offer. The equity shares of the company are proposed to be listed on the NSE and BSE. Incorporated in 2010, Astron Paper and Board Mills' is engaged in manufacturing of kraft paper. The company has manufacturing facility in Gujarat.