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Innoventive IPO subscribed 1.23 times

BS Reporter  |  Mumbai 

The initial public offering (IPO) of Pune-based Innoventive Industries was subscribed 1.23 times on Friday, the last day of bidding for all investors.

The portions reserved for retail and non-institutional investors (NIIs) were subscribed 1.48 times and 1.94 times, respectively, till 6pm on the final day.

Earlier, institutional investors, for whom the bidding closed on Thursday, had given a tepid response to the engineering firm’s IPO with the category reserved for them getting subscribed just 85 per cent of the allotted portion.

The price band of the issue was kept at Rs 117-120 per share. The company aims to raise Rs 219.58 crore from the IPO.

Innoventive intends to utilise net proceeds of the IPO for capacity expansion of its manufacturing facility at Pimple Jagtap in Pune, repayment of term loans and general corporate purposes.

Axis Bank and Avendus Capital are the book running lead managers to the issue.

First Published: Fri, April 29 2011. 19:26 IST