Emmbi Polyarns' initial public offer (IPO) was fully subscribed on the final day today, 3 February 2010. The IPO got bids for 1.10 crore shares as against 95.74 lakh shares on offer, as at 16:00 IST, NSE data showed. The IPO was subscribed 1.16 times.

Emmbi Polyarns offered the shares in a price band of Rs 40 to Rs 45 per share. The IPO opened for bidding on 1 February 2010. The company decided to reserve 50,000 equity shares in the issue for subscription by eligible employees. The net issue to public would constitute 54.72% of the fully diluted post issue paid up capital of the company.

The company plans to utilise the IPO funds to expand the present facility to increase the present installed capacity from 5,000 metric tonne per annum (mtpa) to 17,800 mtpa and for working capital requirements.

Mumbai-based Emmbi Polyarns mainly focuses on packaging solutions. It is engaged in the manufacture and sale of jumbo bags and woven sacks and various woven polymer-based products such as container liners, protective irrigation system, canal liners, flexi tanks, car covers etc. Its manufacturing facility is located at Silvassa, the capital of the Indian Union Territory of Dadra and Nagar Haveli.

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