Rishabhdev Technocables FPO subscribed 8 times

Power cables manufacturer Rishabhdev Technocables' follow-on public offer (FPO) got subscribed nearly eight times on the final day of its offer today, with most of the bids coming in from non-institutional investors.

During the four trading days since the launch of its offer, the company received over 5.22 crore bids, representing 7.63 times of the shares on offer.

Total issue size of the FPO, which began on June 4, was at 68.54 lakh, as per data available on the National Stock Exchange.

The portion reserved for non-institutional investors, which includes corporate and individuals, got over subscribed by 3.12 times of the shares reserved for them.

Bids for over 32 lakh shares came in from the category, as per stock exchange data.

Further, the portion reserved for retail investors received subscription for 23 lakh shares marking 96 per cent of the shares on offer.

The price band of the issue was fixed between Rs 29 and Rs 33.