Amber Enterprises Rs 6-bn IPO a huge hit; subscribed 165 times on last day

The initial public offering of Amber Enterprises, the manufacturer of air-conditioners, was subscribed 165.31 times so far on the last day of bidding on Friday.

The IPO to raise Rs 6 billion received bids for 81,45,50,121 shares against the total issue size of 49,27,351 shares, data available with the NSE till 1930 hrs showed.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 175.82 times, non institutional investors 521.71 times and retail investors 11.42 times, merchant banking sources said.

The company's IPO has attracted demand of nearly Rs 700 billion, they added.

Till yesterday, the IPO was subscribed 3.61 times.

The company had raised Rs 1.79 billion from anchor investors on Tuesday.

The price band for the IPO is fixed at Rs 855-859 per share.

The IPO includes 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 are managing the company's IPO.

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