New Delhi: Astron Paper and Board Mills’ initial public offer (IPO) was subscribed 12.39 times on the third day of the issue on Tuesday.

The Astron Paper IPO to raise Rs70 crore received bids for 173,431,720 shares against the total issue size of 14,000,000 shares, data available with NSE showed. The portion reserved for qualified institutional buyers was subscribed 5.74 times and that of non-institutional investors 1.15 times. The segment set aside for retail investors was subscribed 33.57 times.

Shares in the Astron Paper IPO, which would close on Wednesday, is in the price band of Rs45-50. Pantomath Capital Advisors Pvt. Ltd is the book-running lead manager to the offer.

The equity shares of the company are proposed to be listed on the NSE and BSE. Incorporated in 2010, Astron Paper and Board Mills’ is engaged in manufacturing of kraft paper. The company has manufacturing facility in Gujarat.

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