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Euro Multivision IPO subscribed 25% on debut day

Last Updated: Tuesday, September 22, 2009 - 20:26

Mumbai: The initial public offer (IPO) of
compact disc maker Euro Multivision, which aims to raise about
Rs 66 crore, got subscribed 25 per cent on the first day of
its issue today.

The IPO got total bids for 22.25 lakh shares against 88
lakh shares on the offer thus getting subscribed 0.25 times,
as per latest data available with National Stock Exchange.

The public offer got good response from non-institutional
investors as the company got fully subscribed in this

However, qualified institutional buyers did not
participated in the issue and for the first day, IPO remained
unsubscribed in the category.

Euro Multivision has come to the capital market with an
issue size of 88 lakh shares in the price range of Rs 70-75.
The offer closes on September 24.

The IPO proceeds would be used to raise resources for the
company`s photovoltaic solar cell manufacturing unit in a SEZ
at Bhachau in Gujarat. The company intends to foray into solar
energy space.

The company has reserved 2 lakh shares for its employees.
The net issue will constitute 36.97 per cent of the company`s
post issue paid-up capital.

Anand Rathi Advisors is a lead book manager of the issue.

Bureau Report

First Published: Tuesday, September 22, 2009 - 20:26

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