Talwalkars to list on May 10

Fitness chain operator Talwalkars Better Value Fitness, which raised Rs 78 crore through its initial share sale last month, will list on the bourses tomorrow.

The company would list with 2.41 crore shares on the Bombay and National Stock Exchange at an issue price of Rs 128 a share, the upper end of the price band, Talwalkars said in a press release.

The IPO had attracted bids for over 28 times the number of shares on offer. While institutional investors subscribed 35.42 times to the shares on offer, retail investors sought to buy 8.43 times their allotment.

The initial public offer had received robust demand from institutional, as well as non-institutional and retail investors.

The firm's IPO of 60.5 lakh shares was opened for subscription between April 21-23 at a price band of Rs 123-128 each.

According to the company, proceeds from the initial public offer would be primarily used to set up health clubs at an estimated cost of Rs 50 crore and for repaying loans of about Rs 20 crore.

It has 51 branches across major cities in the country, with 55,000 members.