H G Infra Eng IPO subscribed 44% on Day 2

The initial public offer of H G Infra Engineering was subscribed 44 per cent on the second day of bidding today.
The Rs 462-crore IPO received bids for 53,19,490 shares against the total issue size of 1,21,37,070 shares, data available with the NSE till 1700 hrs showed.
The portion reserved for non-institutional investors was subscribed 7 per cent and that of retail investors 84 per cent.
The IPO is of a fresh issue of up to Rs 3,000 million and an offer for sale of up to 6,000,000 shares (excluding anchor portion of 5,133,150 shares).
The issue, which is in a price band of Rs 263-270, will close for subscription tomorrow.

HG Infra Engineering has garnered over Rs 138 crore from anchor investors last week.
Proceeds of the IPO will be utilised towards purchase of capital equipment, repayment of certain indebtedness, and for other general corporate purposes.
SBI Capital Markets and HDFC Bank are the book running lead managers to the issue.