Indian two thousand and five hundred rupee banknotes are arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Amber Enterprises IPO Subscribed 165.3 Times On Final Day

The initial public offering of Amber Enterprises, the manufacturer of air-conditioners, was subscribed 165.31 times so far on the last day of bidding today.

The IPO to raise Rs 600 crore received bids for 81,45,50,121 shares against the total issue size of 49,27,351 shares, data available with the NSE till 7 p.m. showed.

The portion set aside for qualified institutional buyers was subscribed 175.82 times, non institutional investors 521.71 times and retail investors 11.42 times, merchant banking sources said. The company's IPO has attracted demand of nearly Rs 70,000 crore, they added. Till yesterday, the IPO was subscribed 3.61 times.

The company had raised Rs 179 crore from anchor investors on Tuesday. The price band for the IPO is fixed at Rs 855-859 per share.

The IPO includes fresh issue of shares worth up to Rs 475 crore and sale of scrips to the tune of Rs 125 crore by promoters Jasbir Singh and Daljit Singh.

The company plans to use the proceeds for repayment and advance payment of certain loans and other general corporate purposes.

Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas are managing the company's IPO.

Gurugram-based Amber Enterprises manufactures air conditioners. Besides, it makes refrigerator components, water purifiers and washing machines.