The initial public offering (IPO) of home linen products maker Pradip Overseas was subscribed 1.81 times on its first day today. The issue received bids for 19.16 million shares as against 10.60 million shares on offer, data on the National Stock Exchange showed. Among various categories, the high net worth individual category was subscribed seven times, retail portion 1.7 times, while the institutional portion was subscribed one time.
The company has fixed the price band at Rs 100-110 a piece. At the upper end of band, the company will raise up to Rs 116.6 crore, while it will raise Rs 106 crore at the lower end. The offer closes on March 15.
The public issue has followed the book-building route. The company intends to use the proceeds from the offer to part-finance a manufacturing facility in a textile special economic zone and to fund the incremental margin money requirement for working capital.
The company’s facility is located at Changodar near Ahmedabad in Gujarat.
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