Shree Pushkar Chemicals and Fertilisers Ltd's public float was oversubscribed 33 per cent on the third and final day led by non-institutional investors, especially corporates, and retail investors.
As per the data collated by the stock exchanges, while qualified institutional buyers’ (QIBs) portion marginally fell short of the full subscription mark, HNIs & corporates portion was covered a little over 2x, shares reserved for retail investors was oversubscribed over 50 per cent.
The IPO clocked 33 per cent subscription on day 1 and was subscribed 46 per cent at the end of second day of the issue.
The company which started its operations in 1993 as a trading business, later started manufacturing its own dye intermediates in India. It is also among large manufacturers of K-Acid in the country, a dye intermediate used to manufacture reactive dyes for dying of textiles, with an installed capacity of 960 MTPA as on March 31, 2015.
The company which filed its draft red herring prospectus (DRHP) with market regulator SEBI last September, has fixed the price band of the IPO at Rs 61-65 per equity share.
The overall issue is worth Rs 70 crore including a fresh issue that would raise around Rs 57 crore for the company besides an offer for sale that would fetch another Rs 13 crore to the selling shareholder IFCI Venture Capital Fund managed India Enterprise Development Fund (IEDF).
For more details on the IPO click here.
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