IPO Of 20 Microns Was Subscribed Only 0.36 Times On Second Day - Sep 10, 2008

The initial public offering (IPO) of 20 Microns Ltd was subscribed 0.36 times at the end of the second day i.e. on Tuesday, as per the NSE website.

The company received bids for 15,60,400 shares out of of which 4,60,200 bids were received at the cut off price.

The issue consists of a fresh issue of 16,75,000 equity shares of Rs 10 each and offer for sale of 26,75,632 equity shares by Gujarat Venture Capital Fund. The issue will constitute 30.81 per cent of the post-issue paid up capital of the company. Credit Analysis and Research Limited (CARE) has been assigned the IPO Grade 3, indicating Average Fundamentals.

The company intends to utilize the IPO proceeds towards the current ongoing expansion plans of the manufacturing capacities at various locations, invest in the sub-micron particle sizes required by end-market and general corporate purposes