Shankara Building IPO oversubscribed 41.60 times last day

The initial public offering of Shankara Building Products got oversubscribed 41.60 times on the last day of the issue today following robust investor demand.
The Rs 345-crore IPO received bids for 22,02,75,872 shares against the total issue size of 52,94,467, data available with the NSE till 1930 hours showed.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 51.62 times while for the non-institutional investor segment, it was 90.68 times, sources said.
The retail investor category was also oversubscribed 14.65 times, they added.
The Bengaluru-based retailer Shankara Building Products on Tuesday raised Rs 103.5 crore from anchor investors.

The IPO, the fifth this year, comprises fresh issue of shares worth Rs 45 crore and an offer for sale of little over 65 lakh shares.

The price band is Rs 440-460 per share. It will constitute at least 25 per cent of the post offer paid-up share capital of the company.
At the upper end, the IPO is expected to fetch Rs 345 crore.
Book running lead managers (BRLMs) to the offer are IDFC Bank, Equirus Capital Pvt and HDFC Bank.
Shankara Building Products is an organised retailer of home improvement and building products in India.