MUMBAI: The initial public offer of Gokul Refoils and Solvent, planning to raise up to Rs 140 crore, got subscribed 0.16 times on the first day of its offer on Thursday.
The issue received bids for 11.75 lakh shares against 71.58 lakh shares on offer, according to data available on the National Stock Exchange.
The price band of the issue has been fixed between Rs 175 and Rs 195. The issue would close on May 13.
The portion reserved for Non-institutional investors got subscribed 0.78 times, while the retail investors remained under-subscribed. The Qualified Institutional Buyers portion remained un-subscribed.
The issue would constitute 27.14 per cent of the fully diluted post issue paid up equity share capital of the firm.
The company intends to raise Rs 139.59 crore at the upper end of the price band, and the capital would be partially deployed to set up a new 1,500 TPD soyabean processing plant.
The funds would also be used for expansion of its existing edible oil refinery at Surat, investment in its wholly-owned Singapore-based subsidiary, funding part of its long-term working capital, investment in increasing warehousing capacities and ongoing capex for existing units.
ICRA has assigned an ICRA IPO Grade "3/5" rating to the proposed initial public offering of the company.
The Book Running Lead Managers to the issue are Anand Rathi Financial Services and Intensive Fiscal Services.
Gokul Refoils and Solvent was incorporated in 1992 and is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing.
The issue received bids for 11.75 lakh shares against 71.58 lakh shares on offer, according to data available on the National Stock Exchange.
The price band of the issue has been fixed between Rs 175 and Rs 195. The issue would close on May 13.
The portion reserved for Non-institutional investors got subscribed 0.78 times, while the retail investors remained under-subscribed. The Qualified Institutional Buyers portion remained un-subscribed.
The issue would constitute 27.14 per cent of the fully diluted post issue paid up equity share capital of the firm.
The company intends to raise Rs 139.59 crore at the upper end of the price band, and the capital would be partially deployed to set up a new 1,500 TPD soyabean processing plant.
The funds would also be used for expansion of its existing edible oil refinery at Surat, investment in its wholly-owned Singapore-based subsidiary, funding part of its long-term working capital, investment in increasing warehousing capacities and ongoing capex for existing units.
ICRA has assigned an ICRA IPO Grade "3/5" rating to the proposed initial public offering of the company.
The Book Running Lead Managers to the issue are Anand Rathi Financial Services and Intensive Fiscal Services.
Gokul Refoils and Solvent was incorporated in 1992 and is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing.
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