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New Delhi, Jul 24 (PTI) The initial public offering of industrial machinery manufacturer Lohia Corp got subscribed 59 per cent on the second day of bidding on Friday.
The company’s IPO received bids for 84,74,025 shares against 1,43,52,274 shares on offer, according to NSE data.
The Retail investors’ portion got fully subscribed by 1.08 times, while the category for Qualified Institutional Buyers (QIBs) received 51 per cent subscription. Non-Institutional Investors quota was subscribed 42 per cent.
Lohia Corp Ltd on Wednesday raised Rs 492 crore from anchor investors.
The company’s Rs 1,102-crore IPO will conclude on July 27.
The price band for the IPO has been fixed at Rs 404-425 per equity share, valuing the company at around Rs 4,500 crore at the higher
end.
The IPO is entirely an offer-for-sale (OFS) of up to 2.59 crore equity shares by existing shareholders. Since the issue is an OFS, the company will not receive any proceeds from the public offering.
The company’s shares are proposed to be listed on the BSE and NSE on July 30.
Equirus Capital Ltd and Motilal Oswal Investment Advisors Ltd are the book-running lead managers to the offer. PTI SUM DRR
