Manaksia IPO Over-Subscribed By Nearly Two Times

MUMBAI: The initial public offering of Manaksia Ltd has been over-subscribed by nearly two times today, the first day of its opening.

It received bids for 2.94 crore shares as against 1.55 crore shares on offer, latest data available on BSE shows.

The issue would close on December 19. The price band of the issue has been fixed at Rs 140-160.

The portion reserved for qualified institutional buyers got subscribed nearly four times with all the bids coming from foreign institutional investors.

The portion reserved for non-institutional investors and retail investors, however, remained under-subscribed.

The company is planning to raise Rs 240 crore from the capital market to fund its expansion plan at Haldia, West Bengal. A portion of money would also be used to pre-pay a certain amount of term debt and for general corporate purposes.

Meanwhile, IPO of Aries Agro has been subscribed 67 per cent on the second day of its offer, receiving bids for over 30 lakh shares as against 45 lakh shares on offer.

The portion reserved for non-institutional investors got subscribed over two times, while that of the QIBs and retail investors remained under subscribed.

The price band of the issue has been fixed at Rs 120-130. The issue would close on December 19.

The IPO of Porwal Auto got subscribed 76 per cent on the first day with bids for 37.97 lakh shares coming in, against for 50 lakh shares on offer.

The price band of the issue has been fixed between Rs 68 to Rs 75. The issue would close on December 20.

IPO of Precision Pipes that opened today got subscribed only six per cent. The price band of the issue has been fixed at Rs 140-150.