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

Amber Enterprises IPO Fully Subscribed On First Day

Amber Enterprises' Rs 600-crore initial share public offering was fully subscribed on the first day of its bidding today.

The IPO received bids for 50.93 lakh shares against the total issue size of 49.27 lakh scrips, registering a subscription of 1.03 times, data available with the National Stock Exchange showed.

The company had raised Rs 179 crore from anchor investors yesterday.

The Gurugram-based Amber Enterprises manufactures air- conditioners. Besides, it makes refrigerator components, water purifiers and washing machines. Amber Enterprises' initial public offer opened for public subscription today and will close on Jan. 19. The price band has been fixed at Rs 855-859 per share.

The IPO is aiming to raise Rs 600 crore. This 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 will manage the company's IPO.