Overview

• Subscription climbed from 0.29 times on day one to 1.02 times by day two and reached 3.99 times by 2:30 p.m. on August 11
• Retail and non-institutional investors drove demand with their quotas subscribed 3.74x and 5.62x respectively, while qualified institutional buyers bid at 3.15x
• The Rs 400.6 crore book-built issue mixes a roughly Rs 280 crore fresh sale and a Rs 120.6 crore offer-for-sale at a price band of Rs 260–275 per share
• About Rs 120 crore was secured from anchor institutions at the upper price band before the public offer opened
• Proceeds will fund automation and expansion at the Manekpur plant, debt repayment and general corporate purposes, with shares slated to list on BSE and NSE on August 14