The initial public offer of speciality alloy maker Mishra Dhatu Nigam (MIDHANI) was subscribed 26 per cent on the first day of bidding today.
The IPO of the state-owned firm to raise Rs 438 crore received bids for 1,25,20,350 shares against the total issue size of 4,87,08,400 shares, NSE data showed.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 46 per cent and retail investors 11 per cent.
The IPO is of 48,708,400 shares and would close on March 23.
Price band for the issue has been fixed at Rs 87-90.
SBI Capital Markets and IDBI Capital Markets & Securities are managing the issue.
The shares of MIDHANI are proposed to be listed on BSE and NSE.
MIDHANI is one of the leading manufacturers of special steels, super alloys and only manufacturer of titanium alloys in India.
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