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Birla Pacific Medspa Ltd, a Yash Birla Group Company, which closed its IPO for subscription on June 23, has been subscribed 1.18 times, the company said in a press release. As against the offer size of 651.75 lakh equity shares of Rs 10 each through the Initial Public offering, the company has received total bids for 768.62 lakh equity shares.
The QIB portion was subscribed 1.04 times whereas the portion reserved for retail investors got subscribed to the tune of 1.82 times. Of the total bids received, 373.93 lakh bids were received at cut-off price. The equity shares offered through this IPO are proposed to be listed on the BSE. The Book Running Lead Managers for the issue is Arihant Capital Markets Ltd.
Out of the proceeds of the IPO, the company proposes to utilise Rs 49 crore for establishing 55 Evolve outlets, around Rs 6 crore for brand building and the balance for meeting working capital, issue and other preliminary expenses.
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