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Pradip Overseas fixes IPO issue price at Rs110 per share

Pradip Overseas fixes IPO issue price at Rs110 per share
PTI
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First Published: Mon, Mar 22 2010. 05 45 PM IST
Updated: Mon, Mar 22 2010. 05 45 PM IST
New Delhi: Home linen products maker Pradip Overseas on Monday said it has fixed the issue price of its initial public offer (IPO), which was subscribed over 14 times, at Rs110 a share — the upper end of its price range.
The company has fixed the issue price at Rs110 a equity share, Pradip Overseas said in a statement.
The company has entered the capital market with an issue size of 1.06 crore shares of Rs10 each in the price range of Rs100-110 a piece.
The Rs116-crore issue that was open between 11 March and 15 March had received good demand from the investors and was subscribed over 14.08 times.
The company intends to use the IPO proceeds to part fund a manufacturing facility in a textile SEZ and partly finance the incremental margin money requirement for working capital.
Anand Rathi Advisors is acting as the sole book running lead manager to the offer.
Pradip Overseas is a textile maker with niche focus on home linen products.
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First Published: Mon, Mar 22 2010. 05 45 PM IST