Astron Paper subscribed 10 times on Day 2

The initial public offering (IPO) of Astron Paper & Board Mills has garnered more than 10 times subscription. The bulk of the demand so far has come from retail investors. The Gujarat-based company is raising  Rs 70 crore through the IPO, which will be used for setting up a new facility and repayment of debt. Astron Paper has the same promoters as Asian Granito India. The price band for the IPO is Rs 45-50 a share. The IPO closes on Wednesday.