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Shankara Building IPO subscribed 51% on Day 1

LiveMint logoLiveMint 22-03-2017 PTI

New Delhi: The initial public offer of Shankara Building Products was subscribed 51% on Wednesday, the first day of the issue.

The IPO received bids for 27,00,704 shares against the total issue size of 52,94,467 shares, data available with the NSE till 6.30pm showed.

Non Institutional Investors category was subscribed 10%, while retail investors portion 98%.

Bengaluru-based retailer Shankara Building Products on Tuesday mopped up Rs103.5 crore from anchor investors. The company’s three-day initial share sale will close on 24 March.

The IPO comprises fresh issue of up to shares worth Rs45 crore and an offer for sale of little over 65 lakh shares.

Also Read: Hudco gets Sebi approval to float IPO

The price band for the IPO is Rs440-460 per share. It would constitute at least 25% of the post offer paid- up equity share capital of the company. At the upper end, the IPO is expected to fetch Rs345 crore.

Book running lead managers (BRLM) to the offer are IDFC Bank Ltd, Equirus Capital Pvt Ltd and HDFC Bank Ltd. Shankara Building Products is an organised retailer of home improvement and building products in India.

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