Sadbhav's IPO pulls through, subscribed 2.22 times

The initial public offering (IPO) of Sadbhav Infrastructure Project was subscribed 2.22 times today, the last day of its subscription.
The over-subscription assumes significance amid lack of participation by investors in the IPO of Prabhat Dairy.
Sadbhav's IPO received bids for over 6.33 crore shares compared with 2.86 crore on offer -- a subscription of 2.22 times -- according to data available with the NSE till 1700 hours.
The bidding for the IPO, which started on August 31, ended today. The price band for the issue has been fixed at Rs 100-143 per share.
The portion reserved for retail investors saw a subscription of 33 per cent while qualified institutional buyers (QIBs) and non-institutional investors categories were subscribed by 7 per cent and 33 per cent, respectively, till yesterday.

Sadbhav has hit the capital market to raise Rs 425 crore through fresh issue of shares and an offer for sale of up to 32.36 lakh shares by existing investors, including the anchor investor segment.

The funds raised through the issue will be utilised for repayment of loans, equity investment and advancing of subordinate debt to its subsidiary Shreenathji Udaipur Tollway Pvt (SUTPL) and part-financing of the SUTPL project.
Prabhat Dairy's IPO today received bids for 1.49 crore shares against an offer of over 4.12 crore, a subscription of 36 per cent.
Yesterday, the company had lowered the price band to Rs 115-126, from Rs 140-147. Besides, the Prabhat Dairy IPO was extended by three days to September 4 as the issue failed to generate interest among investors on its final day of offering. The issue was scheduled to close yesterday.

Prabhat Dairy opened the issue on August 28 to raise Rs 300 crore through fresh issuance and an OFS of up to 1,47,06,000 shares by existing shareholders.
Last week, IPOs of three companies -- Shree Pushkar Chemicals and Fertilisers, Pennar Engineered Building Systems and Navkar Corporation -- saw an over-subscription. These IPOs managed to sail through amid volatile secondary markets.