The initial public offering of Nelcast Ltd. has failed to enthuse investors. Meghmani Organics too has not taken off too well.
As per the latest updates on NSE website, the retail portion of Nelcast was subscribed 0.01 times, while the qualified institutional buyers and non-institutional investors are yet to open their books. The IPO opened for subscription Monday and closes on Friday.
The company is offering 43,50,000 equity shares in the price band of Rs 195-219 per share of Rs 10 face value through 100% book building process. The company plans to raise up to Rs 95.27 crore from the issue.
The Meghmani Organics IPO, which opened along with Nelcast, was subscribed 0.07 times on day two. The company is offering 53,68,421 equity shares of face value Rs 1 each in the price band Rs 17 and Rs 19. The issue closes on Thursday.
The retail investors have subscribed the issue 0.21 times, non-institutional investors subscribed 0.06 times while the QIB portion is yet to see bids.
Read more in The Economic Times article.
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