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

Mishra Dhatu Nigam IPO Subscribed 0.64 Times On Second Day Of Bidding

The initial public offer of speciality alloy maker Mishra Dhatu Nigam Ltd. was subscribed 0.64 times on the second day of bidding today.

The IPO of the state-owned firm to raise Rs 438 crore, received bids for 3.10 crore shares against the total issue size of 4.87 crore shares, data available with the NSE showed.

The portion set aside for qualified institutional buyers was subscribed 1.09 times, non institutional investors was subscribed 0.01 times, and the retail investors’ segment was bid for 0.31 times.

The IPO of 48,708,400 shares will close tomorrow. The price band for the issue has been fixed at Rs 87-90. SBI Capital Markets and IDBI Capital Markets & Securities are managing the issue. The shares of MIDHANI are proposed to be listed on BSE and NSE.

MIDHANI is one of the leading manufacturers of special steels, super alloys and the only manufacturer of titanium alloys in India.