Lohia Corp IPO gets subscribed 7.25 times on closing day

New Delhi, Jul 27 (PTI) The initial public offering (IPO) of industrial machinery manufacturer Lohia Corp Ltd was subscribed 7.25 times on the closing day of bidding on Monday.

The Rs 1,102-crore IPO received bids for 10,40,88,180 shares against 1,43,52,274 shares on offer, as per details available with the NSE.

The quota for qualified institutional buyers (QIBs) received 9.11 times subscription. The category meant for non-institutional investors got subscribed 6.82 times and the portion for retail investors received 2.77 times subscription.

Lohia Corp Ltd on Wednesday raised Rs 492 crore from anchor investors.

The price band for the IPO is Rs 404-425 per equity share, valuing the company 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 the NSE on July 30.

Equirus Capital Ltd and Motilal Oswal Investment Advisors Ltd are the book running lead managers to the IPO. PTI SUM TRB