Teerth Gopicon IPO booked 16 times so far on last day; DGC Cables' issue subscribed over 8 times
IPO of Teerth Gopicon was subscribed 16 times so far on Wednesday, the third day of the bidding process. The issue received bids for 6.61 crore shares as against 39.9 lakh shares on offer.
The IPO is entirely a fresh equity issue of 39.99 lakh shares and through the issue, the company aims to raise nearly Rs 44 crore.
The company is offering its shares at Rs 111 apiece, and investors can bid for 1200 shares in one lot.
The net proceeds from the public offer will be used for funding working capital requirements and other general corporate purposes.
The company is an engineering construction and development company engaged primarily in the construction of roads, sewerage work and water distribution work in Madhya Pradesh. It has also worked as a sub-contractor and constructed residential towers in the city of Indore.
Interactive Financial Services is acting as the lead manager to the issue and Bigshare Services is the registrar.
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Meanwhile, the public offer of DGC Cables and Wires, which also opened for subscription on Monday, has been booked over eight times so far.
The IPO, which closes today, is entirely a fresh equity issue of 49.99 lakh shares and through it, the company plans to raise nearly Rs 50 crore.
About 50% of the offer is reserved for QIB investors, and the rest 50% for other investors.
Net proceeds from the public offer will be used for capital expenditure, long term working capital requirement and general
