The Resurgere Mines & Minerals India IPO was oversubscribed 1.16 times on its final day. The IPO received bids for 51.40 lakh shares as against 44.50 lakh on offer.

The qualified institutional buyers (QIB)s portion was subscribed 1.34 times, non-institutional investors portion was subscribed 2.41 times and retail individual investor portion was subscribed 1 time.

The price band of the issue has been fixed between Rs 263 to Rs 272. The issue opened for subscription on 11 August 2008 and closed on 13 August 2008. At the upper end of the price band the company would raise up to Rs 121.04 crore, while at the lower level it would raise about Rs 117.04 crore.

The company plans to utilise the issue proceeds for purchasing plant and machinery and purchase railway rakes to set up own logistics infrastructure facilities and funding working capital requirements.

Resurgere Mines & Minerals India is in the business of extraction, processing and sale of mineral products and exploration and development of mining assets. The product range includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and iron ore fines etc. and bauxite. The company sells all these products domestically except iron ore fines, which the company exports to China.

The company reported 110.4% spurt in net profit to Rs 66.56 crore on 154.80% surge in net sales to Rs 418.57 crore in the year ended March 2008 over the year ended March 2007.

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