₹62 per equity share for the issue to raise ₹14.47 crore. The issue continued to witness strong subscription and was subscribed 2.15 times by 3:40 pm on the second day of bidding (December 28). It had received bids for 47.72 lakh shares as against 22.16 lakh on offer.
It was subscribed 74 percent on Day 1 of bidding (December 27). The retail portion of the IPO was subscribed to the most - 2.84 times, followed by the Non Institutional Investors' (NII) quota, which was bid 1.47 times. The company's shares indicated no premium versus the IPO price.
It has been the same since December 22, when it began trading on the grey market. However, one must note that grey market premium is only an indicator of how the company's shares are performing in the unlisted market and can change quickly. The issue is entirely a fresh issue of 23.34 lakh shares worth ₹14.47 crore at a price band of ₹62.
The minimum lot size for an application is 2,000 shares. The minimum amount of investment required by retail investors is ₹1,24,000. The minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to ₹2,48,000.
The company intends to utilise the issue proceeds to meet the working capital expenses and general corporate purposes. Around 50% of the net issue is reserved for retail investors and the other 50% of the issue is reserved for others. Incorporated in 1991, the company's product portfolio includes ceramic tiles and tile adhesives.
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