The issue, which opened for subscription on December 13 and closed today, was subscribed more than 84 times, a statement issued by the lead manager Pantomath Group said. The company's Rs 43 crore initial public offer (IPO) comprised sale of 66.24 lakh equity shares, of which 18.82 lakh were reserved for anchor investors.
On Tuesday, the company had raised Rs 12 crore from anchor investors. This was the first time the anchor portion was provided for and subscribed in any small and medium enterprise (SME) IPO, it added. Proceeds from the issue would be utilised towards repayment of debt, working capital and general corporate purposes.
India has seen a record year for IPOs with more than $11 billion of initial share sales in 2017. A few days ago, Shalby's initial public offering (IPO) worth Rs. 510 crore ($79 million) was subscribed 2.8 times on the last day of the sale.
Institutional investors bid for 4.5 times the number of shares reserved for them, while the retail portion was subscribed 2.93 times.
The offer comprised a primary share sale of Rs. 480 crore, while one of the existing shareholders was selling 1 million shares in the IPO in a price range of Rs. 245 rupees to Rs.248. Edelweiss, IDFC Bank and IIFL Holdings managed the initial public offer (IPO).