Home linen products maker Pradip Overseas today said it has fixed the issue price of its initial public offer (IPO), which was subscribed over 14 times, at Rs 110 a share -- the upper end of its price range.
The company has fixed the issue price at Rs 110 a equity share, Pradip Overseas said in a statement.
The company has entered the capital market with an issue size of 1.06 crore shares of Rs 10 each in the price range of Rs 100-110 apiece.
The Rs 116-crore issue that was open between March 11 and March 15 had received good demand from the investors and was subscribed over 14.08 times.
The company intends to use the IPO proceeds to part fund a manufacturing facility in a textile SEZ and partly finance the incremental margin money requirement for working capital.
Anand Rathi Advisors is acting as the sole book running lead manager to the offer.
Pradip Overseas is a textile maker with niche focus on home linen products.