ElectroSteel Integrated IPO : Finally subscribed 8.23 times

by khalid on 25/09/2010 · 0 comments

ElectroSteel Integrated is a subsidiary of Electrosteel Groupis and in the business of manufacturing Cast Iron pipes for over four decades. The IPO of ElectroSteel Integrated Limited has received a fairly good response from the investors with the final over-subscription figure reached to 8.23 times on an overall basis. ElectroSteel Integrated IPO was open on 21st Sep 2010 and closed on 24th Sep 2010 for subscription.The IPO has managed to garner a good response from Non-Institutional Investors Category where it overbid by 28.58 times on the final day of subscription.

The category-wise subscription status of ElectroSteel Integrated IPO on closing day is given below:-

QIB : 5.86 Times
Non-Institutional Investors : 28.58 Times
Retail Investors : 6.19 Times
Overall : 8.23 Times

The proceeds of this IPO will be used to part finance the construction of Integrated Steel and D.I. pipe plant having a capacity of 2.2 MTPA in Jharkhand, India, margin money towards Bank Guarantees, general corporate purposes and to create a public market for equity shares by listing securities of Company on Stock Exchanges.

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The book running lead managers to the issue are Edelweiss Capital Limited, Enam Securities Private Limited and SBI Capital Markets Limited.

Registrar of the Issue is Karvy Computershare Private Limited. Hyderabad.

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