The initial public offer of Cords Cable Industries has got bids for just 39 per cent of the shares on offer. The issue received bids for over 12.09 lakh shares against 30.85 lakh shares on offer.
The price band of the issue has been fixed between Rs 125 and Rs 135 per cent. The issue, which opened on Monday, would close on January 24.
Of the 30.85 lakh shares on offer, 70,000 shares have been reserved for employees, and remaining 30,15,000 shares would be offered to public.
The issue would constitute 27 per cent of the fully diluted post-issue paid-up capital and the net issue 26.38 per cent.
Cords Cable manufactures cables up to 1.1 KV for various applications including industrial, utility and buildings. Its clients include BHEL, NTPC, Hindalco, ACC, HPCL, GAIL, Tata Steel, Siemens, Honeywell, L&T, MRPL.
The company plans to utilise the issue proceeds to part finance its expansion plans and also to diversify its business.
Another IPO of infrastructure development firm J Kumar Infra Projects on Tuesday subscribed 16 per cent on the third day of its offer today. The issue received bids for over 10.58 lakh shares against 65 lakh shares on offer.
The company has fixed the price band of the issue between Rs 110 and Rs 120 per share. The issue would close on Wednesday.
The issue would consist of 63 lakh equity shares to public and 2 lakh shares for employees. The company would utilise the issue proceeds to part finance the purchase of capital equipments and for funding working capital requirements.
Anand Rathi Securities Ltd is acting as the book leading manager for the issue.
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