Shankara Building IPO subscribed 51 pc on Day 1

The initial public offer of Shankara Building Products was subscribed 51 per cent on the first day of the issue today.
The IPO received bids for 27,00,704 shares against the total issue size of 52,94,467 shares, data available with the NSE till 1830 hours showed.
Non Institutional Investors category was subscribed 10 per cent, while retail investors portion 98 per cent.
Bengaluru-based retailer Shankara Building Products yesterday mopped up Rs 103.5 crore from anchor investors.
The company's three-day initial share sale will close on March 24.
The IPO comprises fresh issue of up to shares worth Rs 45 crore and an offer for sale of little over 65 lakh shares.

The price band for the IPO is Rs 440-460 per share. It would constitute at least 25 per cent of the post offer paid- up equity share capital of the company.

At the upper end, the IPO is expected to fetch Rs 345 crore.
Book running lead managers (BRLM) to the offer are IDFC Bank Ltd, Equirus Capital Pvt Ltd and HDFC Bank Ltd.
Shankara Building Products is an organised retailer of home improvement and building products in India.