The initial public offer (IPO) of pipe manufacturer Texmo Pipes & Products got fully subscribed on the third day of its issue today.
The IPO, which was subscribed 65 per cent till yesterday, got 1.55 responses than the shares on offer for the public, data till 1400 hrs with the National Stock Exchange (NSE) shows.
So far, the public issue through which the company hopes to raise Rs 45 crore, has received bids for 77.56 lakh shares against 50 lakh equities on the offer for public, as per the NSE data. The IPO closes on February 19.
Till day two, the IPO had received most of the bids from non-institutional and retail investors. In non-institutional category the issue was subscribed 1.11 times, while the retail portion got subscribed 58 per cent.
Texmo Pipes has entered into the capital market with a offer of 50 lakh equity shares of Rs 10 each for cash in a price band of Rs 85 to Rs 90. At the upper end of the price range, the company expects to raise up to Rs 45 crore.
The proceeds of the issue are intended to be deployed for expansion of product range, setting up of manufacturing facilities and meeting long-term working capital requirements.
Pipes manufactured by the company are used in various fields including irrigation, agriculture and portable water supply schemes.