Khadim India IPO subscribed 45% on Day 2

Footwear retailer Khadim India's initial public offer was subscribed 45 per cent on the second day of the bidding today.

The IPO, which aims to raise Rs 543 crore, received bids for 22,90,040 shares against the total issue size of 50,73,006 shares, the NSE data showed.

The category reserved for qualified institutional buyers (QIBs) was subscribed 9 per cent, non institutional investors 3 per cent and retail investors 84 per cent.

Till yesterday, the IPO was subscribed 14 per cent.

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

The company's share sale will close on November 6.

The IPO comprises fresh issue of equity shares aggregating up to Rs 50 crore besides, an offer for sale of up to 65,74,093 shares by existing shareholders.

The company's promoter Siddhartha Roy Burman would sell 7.22 lakh shares, while Fairwinds Trustees Services Pvt Ltd would offload 58,52,093 shares.

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 would 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.