Amber Enterprises IPO subscribed 3.61 times on Day 2

The initial public offering of Amber Enterprises, the manufacturer of air-conditioners, was subscribed 3.61 times on the second day of bidding today.
The IPO to raise Rs 600 crore received bids for 1,77,83,666 shares against the total issue size of 49,27,351 shares, data available with the NSE showed.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 6.03 times, non institutional investors 49 per cent and retail investors 3.61 times.
The company had raised Rs 179 crore from anchor investors on Tuesday.
Amber Enterprises' IPO will close tomorrow. The price band has been fixed at Rs 855-859 per share.

The IPO includes fresh issue of shares worth up to Rs 475 crore and sale of scrips to the tune of Rs 125 crore 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.