The initial public offer (IPO) of Scotts Garments (SGL) received bids for 26.01 lakh shares till 16:00 IST on last day of the bidding for the IPO today, 29 April 2013, compared with 1.05 crore shares on offer. The IPO was subscribed 0.25 times.
The company proposes to raise Rs 136.59 crore to Rs 138.69 crore by offering 1.05 crore equity shares of Rs 10 each. The IPO price band has been fixed at Rs 130 to Rs 132.
SGL manufactures hi-fashion readymade garments. It has domain expertise in providing sampling and design and has additional facilities such as embroidery, printing, dyeing and washing. Presently, it is largely engaged in manufacturing and export of readymade garments.
The company will utilize the funds for setting up unit for trouser manufacturing at Doddaballapur, Karnataka, and knitting and fabric processing at Kagal, Kolhapur.
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