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New Delhi, Sep 28 (PTI) The initial public offer of German Green Steel and Power Ltd received 5.14 times subscription on the second day of bidding on Monday.
The company’s IPO received bids for 8,25,13,478 shares against 1,60,62,879 shares on offer, according to NSE data.
The portion for non-institutional investors fetched 7.82 times subscription, retail investors 6.15 times and Qualified Institutional Buyers (QIBs) 1.34 times.
The initial public offer of German Green Steel and Power Ltd received 1.73 times subscription on the first day of bidding on Friday, led by participation from across investor categories.
German Green Steel and Power Ltd has raised Rs 91.16 crore from anchor investors.
The Gujarat-based iron and steel maker has fixed a price
band of Rs 132-139 per equity share for the IPO, which will close on September 29.
The IPO comprises a fresh issue of equity shares worth up to Rs 290 crore and an offer for sale (OFS) of 10 lakh equity shares. At the upper end of the price band, the issue size works out to around Rs 304 crore.
The company has reduced its issue size from its earlier plan, which comprised a fresh issue of up to Rs 450 crore and an OFS of up to 20 lakh equity shares.
Proceeds from the fresh issue will be utilised for expansion of the company’s manufacturing facility at Samakhiyali, Kutch, Gujarat, setting up a hybrid wind and solar power plant, repayment of debt and general corporate purposes.
German Green Steel and Power is a vertically integrated iron and steel manufacturing company. Its product portfolio comprises TMT bars, MS billets and sponge iron. PTI SUM SUM ANU
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