Old Bridge’s Vantage Equity Fund and Raisonneur Capital have together subscribed to the entire anchor investor portion of MMP Industries Ltd (MMPIL), the largest initial public offer on NSE Emerge.

The total anchor book reserved in the IPO was at ₹24.09 crore. Of this, Vantage invested about ₹20 crore while Raisonneur Capital put in a bid for ₹10 crore, which resulted in an anchor portion over-subscription of 1.25 times.

MMPIL, a manufacturer of aluminium products, will issue 45 lakh equity shares at a price band of ₹186-188 per share. The investment lot size is fixed at 600 equity shares. The issue, which closes on April 4, will mop up ₹85 crore on the upper price band.

The company plans to use the proceeds to set up a new manufacturing facility for atomised aluminium powder, pyro and flake aluminium powder and aluminium foils. It plans to target infrastructure, explosives, paints and agriculture sectors with its products.

The company’s revenue increased 12 per cent to ₹204 crore (₹181 crore) in FY17 while net profit almost doubled to ₹14 crore (₹8 crore) in the same period.

In first six months of this fiscal, its revenue was at ₹106 crore and net profit was at ₹6 crore.