Koutons IPO subscribed 2 times; CCCL undersubscribed

Koutons IPO subscribed 2 times; CCCL undersubscribed


Mumbai: The initial public offer (IPO) of leading apparel manufacturing company Koutons got subscribed by nearly two times on the first day of the issue.

The IPO, which closed on 21 September, got subscribed 1.85 times, receiving bids for 65.04 lakh equity shares against 35.24 lakh shares on offer, latest data available on the stock exchanges show.

Koutons is expecting to raise up to Rs146 crore from the issue of 35.2 lakh shares and has fixed the price band for the IPO at Rs370-415 a share.

It plans to use the IPO proceeds to open more retail outlets and set up a manufacturing plant.

Meanwhile, the IPO of real estate developer Consolidated Construction Consortium Ltd (CCCL) remained under-subscribed as bids for only 17,376 shares were received for 37 lakh equity shares on offer, the data showed.

CCCL is offering 37 lakh shares in the initial public offer at a price band of Rs460-510 a share and expects to raise up to Rs189 crore from the issue.

The company plans to use the proceeds to acquire construction infrastructure, invest in subsidiaries, incur expenses towards skill and management development centre, and repay loans. It will also , besides using the money for general corporate purposes.