Receives bids for 72.46 lakh shares
The initial public offer (IPO) of Pennar Engineered Building Systems (PEBS) was fully subscribed, according to data on the National Stock Exchange (NSE) website. The IPO received bids for a total of 72.46 lakh shares. The IPO was subscribed 1.15 times.
Category-wise subscription data showed that the Qualified Institutional Buyers (QIBs) portion of the IPO was subscribed 2.2 times. Non institutional investors (NII) category was subscribed 1.44 times. The retail investors portion of the IPO was subscribed 0.41 times.
Earlier, PEBS raised Rs 46.85 crore by selling 26.32 lakh shares to a total of 7 anchor investors ahead of the opening of the IPO. The shares will be allotted to the anchor investors at Rs 178 per share, the top end of the Rs 170 to Rs 178 per share price band for the IPO.
PEBS' IPO comprised of fresh issue of equity shares aggregating up to Rs 58 crore and an offer for sale of 55.16 lakh shares by existing shareholders. The bidding for the IPO began on 25 August 2015.
PEBS is a subsidiary of Pennar Industries. The company's products and services include pre-engineered buildings, design and engineering services, solar module mounting structures, cold form buildings and structural steel products widely used for various manufacturing, warehousing, industrial, infrastructure and custom designed commercial buildings.
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The company intends to use about Rs 34 crore from the proceeds of the IPO towards working capital requirements, about Rs 8 crore towards procurement of infrastructure including software and hardware for expansion of design and engineering services for the prefabrication business and the rest for other general corporate purpose.
PEBS' net profit rose 27.64% to Rs 21.98 crore on 22.71% rise in net sales to Rs 450.29 crore in the year ended 31 March 2015 (FY 2015) over the year ended 31 March 2014 (FY 2014).
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