Source:Press Trust of India / New Delhi March 22, 2010, 13:04 IST
Home linen products maker Pradip Overseas today
said it has fixed the issue price of its initial public offer (IPO),
which was subscribed over 14 times, at Rs 110 a share --
the upper end of its price range.
The company has fixed the issue price at Rs 110 a equity share,
Pradip Overseas said in a statement.
The company has entered the capital market with an issue size
of 1.06 crore shares of Rs 10 each in the price range of Rs 100-110 apiece.
The Rs 116-crore issue that was open between March 11 and
March 15 had received good demand from the investors and
was subscribed over 14.08 times.
The company intends to use the IPO proceeds to part
fund a manufacturing facility in a textile SEZ and partly
finance the incremental margin money requirement for working capital.
Anand Rathi Advisors is acting as the sole book running
lead manager to the offer.
Pradip Overseas is a textile maker with niche focus on
home linen products.
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