Home / Market / Stock-market-news /  IPOs of Pennar Engineered and Shree Pushkar manage to sail through

Mumbai: Initial public offerings (IPO) of Pennar Engineered Building Systems Ltd and Shree Pushkar Chemicals & Fertilizers Ltd barely managed to attract enough investors to scrape through on the last day of subscription, even as BSE’s benchmark index Sensex rebounded and most major global markets rose.

As of 6pm, Pennar saw its IPO subscribed 1.15 times while Shree Pushkar’s IPO was subscribed 1.33 times. Both the offers had opened on Tuesday.

For Pennar, institutional investors helped its offer get fully subscribed. Institutional investor portion of the offer was subscribed 1.52 times, data on NSE shows.

High net-worth individual (HNI) portion was subscribed only 0.76 time, while the retail portion saw hardly any interest garnering just 0.16 time subscription.

Pennar raised 156 crore through the IPO and provided an exit to private equity fund Zephyr Peacock India. The firm had priced its stock at 170-178 apiece.

Pennar is involved in the business of manufacturing pre-engineered steel buildings and building components for various industries, warehouses and commercial centres.

On the other hand, Shree Pushkar’s 70 crore IPO was subscribed the most by HNIs, with the HNI portion receiving 1.84 times subscription, while institutional and retail portions witnessed subscription levels of 0.4 and 0.69 time only.

Shree Pushkar, founded in 1994, manufactures dyes and dyes intermediates.

On Wednesday, Logistics firm Navkar Corp. Ltd saw its 600 crore IPO subscribed 2.84 times.

The IPOs of Prabhat Dairy Ltd and Sadbhav Infrastructure Projects Ltd will open on Friday and Monday, respectively.

So far this year, 11 firms have raised 5,272 crore through IPOs, according to data from primary market tracker Prime Database.

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