Mumbai: The initial public offer (IPO) of construction company Supreme Infrastructure India Ltd (SIIL) got subscribed 1.69 times on the second day of the issue.
The IPO received bids for 58.57 lakh equity shares against 34.75 lakh shares on offer, latest data available on stock exchanges show.
SIIL is expecting to raise up to Rs 37.53 crore from the public issue of 34.75 lakh shares. The company has fixed the price band for the IPO at Rs 95-108 per share.
Karvy Investor Services Limited is the book running lead manager.
The company intends to use the funds raised through the IPO for funding its expansion plans and to meet its long-term capital requirements. The funds generated would also lead to an increase in balance sheet size, which would help the company to pre-qualify for bidding for larger construction projects.
The company is engaged in the business of construction of roads, highways and widening of highways. It has bagged the prestigious Kurla-Thane railway line expansion project, which is funded by the World Bank.
The offer closes on 26 September.