Sandhar Technologies' Rs 5.12 billion IPO subscribed 5% on Day 1

Auto component maker Sandhar Technologies' Rs 512 crore initial public offer was subscribed 5 per cent on the first day of the three-day bidding on Monday.

The IPO received bids for 5,33,745 shares against the total issue size of 1,08,72,661 shares, as per NSE data.

The portion set aside for non institutional investors was subscribed 1 per cent and retail investors 10 per cent.

The price band for the offer, which will close on March 21, has been fixed at Rs 327-332.

The IPO comprises fresh issue of shares worth Rs 300 crore and an offer for sale of up to 64 lakh shares (including anchor portion of 46,30,842 shares).

Sandhar Technologies on Friday raised Rs 154 crore from anchor investors.

ICICI Securities and Axis Capital are managing the issue.

The company plans to use a portion of the net proceeds towards repayment of certain loan facilities and for other general corporate purposes.

The shares are proposed to be listed on BSE and NSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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