Loha Ispaat’s IPO receives muted response on Day 1
12/03/2014 14:59
The initial public offering (IPO) of Loha Ispaat Ltd, an independent steel service center, has failed to attract many investors as the IPO received few bids on the first day of subscription. According to data from the Bombay Stock Exchange (BSE), the IPO received bids for 3,325 shares on Tuesday, when it the capital market. The company has offered 26,705,476 equity shares with a face value of Rs 10 each. The issue, which is a 100% Book Building issue, will be open for subscription till March 20, 2014. The company has fixed the price band at Rs 77-80. The equity shares of the company will be listed on the BSE and NSE. Rating agency CARE Ratings has graded the issue at 'CARE IPO Grade 3', indicating average fundamentals. The company intends to utilize the net proceeds from the issue for funding the working capital needs post the expansion of the capacity of its Khopoli and Taloja Plants.
12/03/2014 14:59
The initial public offering (IPO) of Loha Ispaat Ltd, an independent steel service center, has failed to attract many investors as the IPO received few bids on the first day of subscription. According to data from the Bombay Stock Exchange (BSE), the IPO received bids for 3,325 shares on Tuesday, when it the capital market. The company has offered 26,705,476 equity shares with a face value of Rs 10 each. The issue, which is a 100% Book Building issue, will be open for subscription till March 20, 2014. The company has fixed the price band at Rs 77-80. The equity shares of the company will be listed on the BSE and NSE. Rating agency CARE Ratings has graded the issue at 'CARE IPO Grade 3', indicating average fundamentals. The company intends to utilize the net proceeds from the issue for funding the working capital needs post the expansion of the capacity of its Khopoli and Taloja Plants.
