The initial pubic issue of Prakash Steelage was subscribed 4.22 times by 17:00 IST on the last day of bidding for the issue today, 10 August 2010. The IPO received bids for 2.63 crore shares, compared with 62.5 lakh shares on offer.<\/p>\n
The qualified institutional buyers (QIBs) category was subscribed 1.27 times when the bidding for the issue by QIBs got over on Monday, 9 August 2010. The non-institutional investors category, made up of high-net worth individuals and corporates, was subscribed 4.26 times by Monday, 9 August 2010. Retail investors category was subscribed 1.45 times.<\/p>\n
The price band for the issue was set at Rs 100-110 per equity share. Bidding for the issue by retail investors and non-institutional bidders ends today, 10 August 2010.<\/p>\n
Prakash Steelage which manufactures stainless steel pipes and tubes, has launched the IPO to fund expansion plans.<\/p>\n
The proceeds will be used to part finance expansion plan at Umbergaon plant in Gujarat, and also to meet the additional working capital requirement.<\/p>\n
Net profit jumped 142% to Rs 17.81 crore on 50% growth in net revenue to Rs 438.58 crore in the year ended March 2010 over the year ended March 2009. The revenue growth was driven mainly by trading operations.<\/p>\n