Loha Ispaat IPO undersubscribed

Received bids for 2.08 crore shares

March 26, 2014 11:29 IST | capital market

The initial public offer (IPO) of Loha Ispaat was undersubscribed. The IPO was subscribed just 0.78 times. The IPO received bids for 2.08 crore shares compared with 2.67 crore shares on offer, as per NSE data.

The Qualified Institutional Buyers (QIBs) portion was subscribed 1.25 times. Non Institutional Investors portion was subscribed 1.59 times. Retail Individual Investors (RIIs) portion was subscribed just 0.3 times.

The IPO started on 11 March 2014 and closed on 25 March 2014. The company had set a price band of Rs 74 to Rs 77 per equity share of face value Rs 10 each. The company had on 20 March 2014, extended the issue closing date to 25 March 2014 from earlier 20 March 2014 and also scaled down the price band from earlier range of Rs 77 to Rs 80 per share.

The issue constitutes 26.44% of the post-issue paid-up equity share capital of the company. The equity shares are proposed to be listed on the BSE and NSE.

The IPO has been graded by CARE as 'CARE IPO Grade 3', indicating average fundamentals.

Loha Ispaat is a steel processing and service company that operates from Khopoli and Taloja in western Maharashtra.

On a consolidated basis, Loha Ispaat reported a net profit of Rs 38.90 crore on sales of Rs 2021.65 crore in six-months ended September 2013.

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