Shree Pushkar Chemicals and Fertilisers Ltd’s initial public offer (IPO) that will close tomorrow, received 46 per cent subscription on its penultimate day, according to the data updated on stock exchanges.
With one day to go, it has a long way to go to sail through even as it is not unusual for IPOs to get full subscription on the last day.
On Wednesday, the bid from non-institutional investors was oversubscribed led by corporates. Institutional and retail investors book is yet to see full subscription.
The issue comprises fresh shares as well as offer for sale from its existing investor IEDF, a fund managed by IFCI Venture Capital Funds Ltd.
The IPO got 33 per cent subscription for on day 1.
The company which started its operations in 1993 as a trading business, later started manufacturing its own dye intermediates in India. It is also amongst 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.
For more details on the IPO click here.