Shree Pushkar IPO covered 33% on day 1
VCCircle_Shree_Pushkar | Photo Credit: Shree Pushkar has a manufacturing facility at Lote Parshuram, Maharashtra

The initial public offer (IPO) of Shree Pushkar Chemicals and Fertilisers Ltd, which is engaged in manufacturing and trading of dyes intermediates, covered one-third of the distance at the end of the day 1, data compiled by stock exchanges show.

On Tuesday, 33 per cent of the issue was subscribed, led by non-institutional investors (corporates and HNIs) whose portion got oversubscribed. While retail investors bid for 11per cent of the shares reserved for them, institutional investors bid for 6 per cent of their portion of the issue.

The company had raised Rs 5 crore ($750,000) in its pre-IPO round of funding from Unifi, a domestic hedge fund registered under SEBI's AIF norms, among a few other entities.

The firm is looking to raise Rs 70 crore including a fresh issue of 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).

Shree Pushkar manufactures products in four major verticals- dye intermediates, acid complex (comprising sulphuric and its derivative acids), cattle feed supplement and fertilisers (single super phosphate & soil conditioner). The firm has a manufacturing facility at Lote Parshuram, Maharashtra.

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