The qualified institutional buyer portion was subscribed 17.57 times. The portion reserved for non-institutional investors witnessed a subscription of 2.52 times. The retail and employee categories were subscribed 1.14 times and 1.06 times, respectively.
The IPO consisted of a fresh issue of shares worth ₹627 crore, and an offer for sale (OFS) of up to 2.82 million shares. The price band of the issue was ₹610-642 apiece.
The company will use ₹163 crore out of proceeds from its fresh share issuance to fund the proposed greenfield project in Surat. It will use ₹137.9 crore for the repayment or prepayment of borrowings, while ₹165 crore will be partly used for funding working capital requirements.
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