Adon Agro Commodities SME IPO subscribed 48 pc on day 1

New Delhi, Jun 29 (PTI) The initial public offering of Adon Agro Commodities subscribed 48 per cent on the first day of the offer on Monday.

The SME initial public offering (IPO) received bids for 28.74 lakh shares against 59.74 lakh equity shares on offer, according to BSE data.

The strongest demand came from qualified institutional buyers (QIBs), whose portion was subscribed 11.88 times, while the non-institutional investor category garnered 43 per cent. The category for individual investors was subscribed 29 per cent.

The IPO will conclude on July 1. The price band for the issue has been fixed at Rs 66-70 per share.

The Navi Mumbai-based company’s share sale is entirely a fresh issue of 62.9 lakh equity shares. At the upper end of the price band,

the company is going to fetch Rs 44.03 crore.

The net proceeds from the fresh issue will be utilised by the company to fund the incremental working capital requirements and general corporate purposes. Adon Agro Commodities is an integrated agro-commodity company engaged in the procurement, processing, and marketing of premium dry fruits and nuts under the Hunger Nuts brand.

Galactico Corporate Services is the sole book-running lead manager for the IPO. PTI HG HG BAL BAL