The initial public offering of Shankara Building Products was subscribed 41.63 times on Friday the closing day, thanks to interest from all category of investors.

The home improvement and building products firm’s public issue received bids for 22.04 crore shares against the total issue size of 52.94 lakh shares, data available with the NSE till 8.00 pm showed.

The portion set aside for qualified institutional buyers (QIBs) was subscribed about 52 times, while the non-institutional investors’ segment witnessed subscription of 91 times. The retail investor category was oversubscribed 15 times.

The company came out with an issue of ₹350 crore at an issue price of ₹440-460. The issue comprises a fresh issue of equity shares aggregating up to ₹45 crore and an offer-for-sale of up to 8.16 lakh shares by promoter Sukumar Srinivas and up to 57.05 lakh shares by Fairwinds Trustees Services (acting in the capacity of trustee of Reliance Alternative Investments Fund — Private Equity Scheme I).

Gets ₹103.5 cr from anchors

The company on Tuesday had raised ₹103.5 crore from anchor investors by allotting shares at ₹460 a share. The investors include Franklin India Smaller Companies Fund, DSP BlackRock Core Fund, I-Pru Life Insurance and Reliance Nippon Life Insurance.

The company sells products under the brand name Shankara BuildPro.

The products include structural steel, cement, thermo mechanical treatment bars, hollow blocks, pipes and tubes, roofing solutions, welding accessories and primers and other allied products.

Related Topics
comment COMMENT NOW