S H Kelkar's Rs 500-cr IPO over-subscribed 1.84 times on Day 2

Fragrance maker S H Kelkar & Company's Rs 500-crore initial public issue was over-subscribed 1.84 times on the second day of offer today.
The IPO received bids for 3,71,48,800 shares against the total issue size of 2,02,34,342 shares, as per data available with the NSE till 1800 hours.
The qualified institutional buyers (QIBs) portion witnessed strong response and was over-subscribed 4.68 times, while non institutional investors saw 1.14 times subscription.
Retail investors pie was subscribed 47 per cent, the data showed.
The price band has been fixed at Rs 173-180 per equity share for the IPO. The company's public issue will close tomorrow.

Of the total, the company will raise Rs 210 crore by issuing fresh shares, while the US-based private equity giant Blackstone will mobilise Rs 290 crore by offloading its 10 per cent stake in the company.

In 2010, Blackstone had bought a 33 per cent stake in the company for Rs 243 crore.
S H Kelkar & Company has raised Rs 150 crore from anchor investors.
The IPO is being managed by JM Financial and Kotak Mahindra Capital Company. The scrip is proposed to be listed on BSE and NSE.
The company proposes to use the issue proceeds for repayment of loans as well as investment in its subsidiary K V Arochem Private Ltd and for other general corporate purposes.