Khadim India IPO subscribed 1.9 times

Footwear retailer Khadim India's initial public offering (IPO) was subscribed 1.9 times on the closing day of bidding on Monday.

The Rs 543-crore IPO received bids for 9,659,000 shares against the total issue size of 5,073,006 shares, the NSE data till 1930 hrs showed.
 

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 2.45 times, non-institutional investors 18 per cent and retail investors 2.3 times, merchant banking 

sources said.

Khadim India on Wednesday raised Rs 163 crore from anchor investors.

The IPO comprises fresh issue of equity shares aggregating up to Rs 50 crore besides, an offer for sale of up to 6,574,093 shares by existing shareholders.

The price band has been fixed at Rs 745-750 per share and at the upper end, the public issue would fetch up to Rs 543 crore.

Net proceeds from the issue will be utilised towards payment of loans and general corporate purposes.

Axis Capital and IDFC Bank are the book running lead managers to the issue.

Incorporated in 1981, the company entered into retail business in 1993. At the end of June this year, it had 853 retail store outlets in different parts of the country.