Manaksia IPO fixes issue price at Rs 160/sh
Manaksia IPO fixes issue price at Rs 160/share
Manaksia, a multi division and multi location company focusing on manufacturing of value added metal products and metal packaging products, has been fixed its issue price of Rs 160 per equity share. It has raised Rs 248 crore from this issue.
An initial public offering of 15,500,000 equity shares of Rs 2 each had opened for subscription on December 17 and closed on December 19, 2007. The price band was between Rs 140 and Rs 160 per equity share.
It had subscribed 8.79 times, according to data available on NSE website. Big support was seen from qualified institutional investors, their reserved portion subscribed 13.7 times followed by retail and HNIs with 5.09 times and 2.72 times, respectively.
The company intends to use the net proceeds of the issue for expansion of metals business by purchase of capital equipment, prepayment of certain term debt and for general corporate purposes. The expansion of metals business includes addition of certain equipments for de-bottlenecking to aluminium rolling line at Haldia is aimed at production of higher value added products as well as improving efficiency of its present production.
ICICI Securities is the book running lead manager for the issue. The equity shares of the company are presently listed on the CSE and the equity shares offered through this public issue are proposed to be listed on the BSE, NSE and the CSE.
