IPOs of Shree Pushkar, Pennar sail through

The initial public offerings (IPOs) of Shree Pushkar Chemicals and Fertilisers and Pennar Engineered Building Systems were over-subscribed today, the last day of subscription.
The public offers of Shree Pushkar and Pennar saw an over-subscription of 1.27 times and 1.13 times, respectively.
The IPOs of these companies managed to sail through amid volatile secondary markets.
Shree Pushkar's IPO received bids for over 1.45 crore shares compared with 1.15 crore equity scrips on offer while the public offer of Pennar got bids for over 71.17 lakh shares as against a total issue size of 62.3 lakh, data available with the NSE till 1700 hours showed.

The bidding for the IPO, which started on August 25, concluded today.
Yesterday, the Rs 600-crore IPO of Navkar Corporation was subscribed by 2.75 times.

Shree Pushkar aims to raise Rs 70 crore by issuing fresh shares as well as an offer for sale (OFS) of 20,26,589 shares. It has set a price band of Rs 61-65 per share.
Pennar plans to garner Rs 156 crore through a fresh issue of shares and an OFS by private equity investor Zephyr Peacock and others and has fixed a price band of Rs 170-178 for the IPO.
The shares being offered are proposed to be listed on BSE and NSE.

After a quiet 2014, the IPO market is buzzing again as 10 IPOs have already hit the market this year and many others are in the pipeline, including those of popular brands like IndiGo, Cafe Coffee Day and Matrix.
These 10 companies have mobilised about Rs 4,700 crore through IPOs, higher than the preceding two years.
In comparison, a total of six IPOs had hit the market in 2014 and together garnered just Rs 1,261 crore while in 2013, three companies raked in Rs 1,284 crore through initial share sale plans.