The initial public offer of Prakash Constrowell, engaged in infrastructure development and civil construction, was subscribed 2.21 times on the last day of the issue on Wednesday.
The company’s Rs 60-crore initial public offering (IPO) received bids for 10 million equity shares as against 4.61 million shares on offer, according to data available on the National Stock Exchange at 5 pm.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 0.31 times, while that for non-institutional investors was subscribed 2.76 times. Retail individual investors category got 4.68 times subscription.
Prakash Constrowell has entered the capital market with a price band of Rs 130-138 per equity share of Rs 10 each for its public issue.
The issue which opened for subscription on September 19 closed on Wednesday.
The company proposes to utilise the net proceeds of the issue to meet working capital requirement, investment in construction equipment and subsidiaries, in addition to meeting the general corporate purposes and public issue expenses.
Intensive Fiscal Services is the sole book-running lead manager to the issue.