Innoventive Industries IPO gets tepid response

Institutional investors gave a tepid response to the initial public offering (IPO) of Pune-based Innoventive Industries on Thursday with the category reserved for them getting subscribed just 85 per cent of the allotted portion. On the final day for subscription, institutional investors bid for 7.98 million shares of the 9.38 million shares kept for them.

The portions reserved for retail and non-institutional investors (NIIs), for whom the issue will close on Friday, were subscribed 93 per cent and 80 per cent, respectively. The price band of the issue is Rs 117-120 per share. The company aims to raise Rs 219.58 crore from the IPO.