Euro Multivision IPO subscribed 25% on debut day
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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 category.

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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