The three-day initial public offering (IPO) of Pennar Engineered Building Systems (PEBS) closed successfully on Thursday with the issue getting subscribed 1.78 times at 5 pm IST, assuring PEBS of at least R152 crore through the issue.
Qualified institutional buyers bid for more than 60.56 lakh shares against 18.32 lakh reserved for the category. The non-institutional category comprising high net-worth individuals (HNIs) was subscribed 1.08 times. HNIs bid about 14.42 lakh shares against 13.39 lakh shares reserved.
On Monday, PEBS had raised R46.85 crore through a pre-IPO placement made to 15 anchor investors, including Religare Invesco Mutual Fund, Birla Sunlife Trustee Company, Nomura Singapore and DSP Blackrock.
Motilal Oswal and Axis Capital were the lead book running managers for the issue.
The Hyderabad-based company had fixed a price band of R170-178 a share and intends to use about R34 crore from the proceeds for working capital requirements, about R8 crore for 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 purposes.
Shree Pushkar IPO subscribed 1.29 times
The IPO of Shree Puskar Chemicals managed to rope in enough subscribers to raise R70 crore. As per stock exchange data, the issue was subscribed 1.29 times on the final day of the offering.
The non-institutional category bid for 35.99 lakh shares against 17.21 lakh reserved. The book was subscribed 2.09 times. The retail book was subscribed 1.41 times. Retail investors bid for 56.48 lakh shares against 40.16 lakh on offer. Shree Pushkar Chemicals & Fertilisers had fixed the price band of R61-65 per equity share for the issue.
The company plans to utilise the proceeds for acquisition of an existing factory at Lote Parshuram in Maharashtra and financing the setting up of new manufacturing facilities for reactive dyes with a capacity of 3,000 tonne per annum, H-Acid with a capacity of 750 TPA and Vinyl Sulphone (VS) Ester with a capacity of 1,000 TPA.
Keynote Corporate Services is the book running lead manager to the issue.
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