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Receives bids for 87.73 lakh shares

The initial public offer (IPO) of received bids for 87.73 lakh on the first day of the bidding for the IPO today, 10 January 2018, data on NSE showed as at 17:00 IST. The IPO was subscribed 2.12 times.

The IPO, which opened on 10 January 2018, will close on 12 January 2018. The company plans to raise 156 crore by offering equity of 10 each for cash at a premium in the price band of 270-275 per equity share.

The issue, being offered through a book-building route, is being offered at a discount of 12 to

Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 9 January 2018 finalised allocation of 16.96 lakh equity to four anchor investors at 275 per share.

The objects of the IPO are to meet the working capital requirement to the tune of 118.92 crore and balance for other corporate purposes apart from the benefits of listing the equity on the and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.

reported net profit of 7.11 crore on net sales of 109.33 crore in the six-months ended September 2017.

is an electronic, electro-mechanical, engineering designs, manufacturing and supplies company. The company designs, develops and sells high-performance, mission and to defence, space and home land security for Ministry of Defence, government controlled public sector undertakings and private sectors. The company has an order book of 97.50 crore as of 25 November 2017.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 10 2018. 17:02 IST