Amber Enterprises Rs 6-bn IPO fully subscribed on first day of bidding

Amber Enterprises IPO is aiming to raise Rs 6 billion

Amber Enterprises' Rs 6 billion initial public offering was fully subscribed on the first day of its bidding on Wednesday.

The IPO received bids for 5.09 million shares against the total issue size of 4.92 million scrips, registering a subscription of 1.03 times, data available with the National Stock Exchange (NSE) showed.

The company had raised Rs 1.79 billion from anchor investors yesterday.

The Gurugram-based Amber Enterprises manufactures air- conditioners. Besides, it makes refrigerator components, water purifiers and washing machines.

Amber Enterprises' initial public offer (IPO) opened for public subscription today and will close on January 19. The price band has been fixed at Rs 855-859 per share.

The IPO is aiming to raise Rs 6 billion. This includes the fresh issue of shares worth up to Rs 4.75 billion and sale of scrips to the tune of Rs 1.25 billion by promoters Jasbir Singh and Daljit Singh.

The company plans to use the proceeds for repayment and advance payment of certain loans and other general corporate purposes.

Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas will manage the company's IPO.