PEBS IPO subscribed 6% on day two

Receives bids for 3.55 lakh shares

The initial public offer (IPO) of Pennar Engineered Building Systems (PEBS) received bids for a total of 3.55 lakh shares on the second day of bidding for the IPO today, 26 August 2015, compared with 62.95 lakh equity shares on offer, as per data from the National Stock Exchange (NSE) website at 16:00 IST. The IPO was subscribed 0.06 times. The bidding for the IPO concludes tomorrow, 27 August 2015.

PEBS has raised Rs 46.85 crore by selling 26.32 lakh shares to a total of 7 anchor investors. The shares will be allotted to the anchor investors at Rs 178 per share, the top end of the Rs 170 to Rs 178 per share price band for the IPO.

Among anchor investors, Religare Invesco Mutual Fund will be allocated a total of 2.80 lakh shares through five schemes. Birla Sunlife Trustee Company will be allocated a total of 4.94 lakh shares through four schemes. Nomura Singapore will be allotted 3.06 lakh shares, HDFC Trustee Company - HDFC Infrastructure Fund will be allotted 2.80 lakh shares, The Nomura Trust and Banking Co. as the trustee of Nomura India Stock Mother Fund will be allocated 4.94 lakh shares, DSP Blackrock 3 Years Close Ended Equity Fund will be allotted 4.94 lakh shares and Kotak Emerging Equity Scheme will be allocated 2.80 lakh shares.

PEBS' IPO comprises of fresh offer of Rs 58 crore and an offer for sale of 55.16 lakh shares by selling shareholders Zephyr Peacock India Fund III Limited, Zephyr Peacock India III Fund, Eight Finance Pvt Ltd and individual investors Usha R Potluri and Vikram Chachra.

PEBS is a subsidiary of Pennar Industries. The company's products and services include pre-engineered buildings, design and engineering services, solar module mounting structures, cold form buildings and structural steel products widely used for various manufacturing, warehousing, industrial, infrastructure and custom designed commercial buildings.

The company intends to use about Rs 34 crore from the proceeds of the IPO towards working capital requirements, about Rs 8 crore towards procurement of infrastructure including software and hardware for expansion of design and engineering services for the prefabrication business and the rest for other general corporate purpose.

PEBS' net profit rose 27.64% to Rs 21.98 crore on 22.71% rise in net sales to Rs 450.29 crore in the year ended 31 March 2015 (FY 2015) over the year ended 31 March 2014 (FY 2014).

Powered by Capital Market - Live News