PG Electroplast IPO subscribed 0.55 times on Day 3

The initial public offering of PG Electroplast, an electronic manufacturing services provider, was subscribed 0.55 times on the third day of issue today.

The company's IPO received bids worth 31.5 lakh shares against 57.45 lakh equity shares on offer, as per the data available on the National Stock Exchange till 1600 hrs.

The company has fixed the price band at Rs 190-210 per share for the proposed Rs 121-crore initial public offering.

The IPO which opened on September 7 will close on September 12.

At the upper band, the company would garner Rs 120.65 crore, while at the lower end it would rake up Rs 109.15 crore through the issue.

PG Electroplast intends to use the proceeds from the issue to fund expansion, retire debt and meet working capital requirements.

Almondz Global Securities is the sole book running lead manager to the issue.

The company manufactures and assembles a comprehensive range of consumer electronic components and finished products such as colour television sets and components, air conditioners sub-assemblies, DVD players and Compact Fluorescent Lamps (CFL) for third parties.