Shankara Building IPO Subscribed 2.5 Times On Second Day
The company’s three-day initial share sale closes on Friday.
The initial public offer of Shankara Building Products Ltd. was subscribed 2.5 times on the second day of the issue on Thursday
The IPO received bids for 1.31 crore shares against the total issue size of 52.9 lakh shares, data available with the National Stock Exchange till 5:00 pm showed. The portion set aside for qualified institutional buyers (QIBs) was subscribed 75 percent, while the non-institutional investors segment witnessed subscription of 49 percent. The retail investors' category was subscribed more than 4 times.
The Bengaluru-based retailer raised Rs 103.5 crore from anchor investors ahead of its three-day initial share sale which closes on Friday. The IPO comprises fresh issue of shares worth Rs 45 crore and an offer for sale of a little over 65 lakh shares.
The price band for the IPO has been fixed at Rs 440-460 per share. The issue is expected to fetch Rs 345 crore at the upper end of this price band.
IDFC Bank Ltd, Equirus Capital Pvt Ltd and HDFC Bank Ltd are managing the issue.
Shankara Building Products is an organised retailer of home improvement and building products in India.