SIIL public offer subscribed over three times

SIIL public offer subscribed over three times

Mumbai: The initial public offering (IPO) of construction company Supreme Infrastructure India (SIIL) got subscribed 3.02 times on the third day of the issue.

The IPO received bids for 1.07 crore equity shares against 34.75 lakh shares on offer, according to the latest data available on stock exchanges.

SIIL is planning to raise up to Rs37.53 crore from the public issue of 34.75 lakh shares. The firm had fixed the price band of Rs95 to Rs108 per share for the IPO.

Karvy Investor Services Limited is the book running lead manager.

The company, engaged in the construction of roads and highways, intends to use the capital raised through the public issue for funding its expansion plans and meeting its long term capital requirements.

The generated funds would increase the balance sheet size, which would help the firm to pre-qualify for bidding for bigger construction projects.

The offer closes on September 26.