The initial public offer (IPO) of the textile firm Jindal Cotex got fully subscribed on the last day of its issue today.     

The company received bids for over 1.12 crore shares, the latest data with the National Stock Exchange (NSE) shows.     

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At the upper end of the price band, Jindal Cotex expects to raise Rs 93.40 crore, while at lower end it would garner Rs 87.17 crore.

The company would utilize the IPO fund for setting up a new facility for making cotton yarn and yarn dyeing. It would also invest funds in its two units — Jindal Medicot and Jindal speciality Textiles.     

IPO is being made through a 100 per cent book building process. The equity shares are proposed to be listed on Bombay Stock Exchange and on the National Stock Exchange.     

Saffron Capital Advisors is the lead manager of the offer, while Bigshare Services is the registrar of IPO.

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