Porwal Auto Components IPO ended with 1.03 times subscription. The issue received total bids for 51.66 lakh shares as against 50 lakh shares on offer. (As on 17:00 IST)The price band of the issue was fixed between Rs 68-75 per equity share of face value of Rs 10 each.
The company plans to use the proceeds to increase capacity of SG and CI castings from existing 6,600 metric tonne per annum to 27,600 metric tpa and set up a wind mill with power generation capacity of 1.5 MW for captive consumption.
The IPO has been assigned IPO GRADE 3 by CARE indicating average fundamentals.
The existing shares of the company are listed on the Over-the-Counter Exchange of India. The shares offered through the IPO will be listed on the BSE.
|