Monte Carlo IPO Subscribed 0.61 Times on Day 1

Monte Carlo IPO Subscribed 0.61 Times on Day 1

Mumbai: Monte Carlo Fashions Ltd's initial public offer (IPO) was subscribed 0.61 times on its first day on Wednesday.

The IPO received bids for over 23 lakh shares as against more than 38 lakh shares on offer, data available at the NSE showed.

Through the IPO, which would remain open till December 5, Monte Carlo plans to raise about Rs 350 crore. The price band of the issue has been fixed at Rs 630-645.

The company has mopped up Rs 105 crore from anchor investors. Monte Carlo allotted more than 16.29 lakh shares to anchor investors at the price of Rs 645 apiece.

SBI Capital Markets Limited, Axis Capital Limited, Edelweiss Financial Services Limited and Religare Capital Markets Limited are the book running lead managers to the issue.

Through this public offer, Monte Carlo will issue 54,33,016 equity shares (including anchor portion of 16,29,904 equity shares) for subscription.

The offer constitutes 25 per cent of the post offer paid-up equity share capital of the company.

The company was launched in 1984 as an exclusive woolen brand by Oswal Woollen Mills Ltd (OWML).

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