Shankara Building IPO oversubscribed 2.49 times on Day 2

The initial public offer of Shankara Building Products was oversubscribed 2.49 times on the second day of the issue today.

The IPO received bids for 1,31,88,736 shares against the total issue size of 52,94,467 shares, data available with the NSE till 1700 hours showed.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 75 per cent, while non institutional investors segment witnessed subscription of 49 per cent.

Retail investors' category was oversubscribed 4.35 times.

Bengaluru-based retailer Shankara Building Products on Tuesday raised Rs 103.5 crore from anchor investors.

The company's three-day initial share sale closes tomorrow.

The IPO comprises fresh issue of shares worth Rs 45 crore and an offer for sale of little over 65 lakh shares.

The price band for the IPO is Rs 440-460 per share. It would constitute at least 25 per cent of the post offer paid- up equity share capital of the company.

At the upper end, the IPO is expected to fetch Rs 345 crore.

Book running lead managers (BRLM) to the offer are IDFC Bank Ltd, Equirus Capital Pvt Ltd and HDFC Bank Ltd.

Shankara Building Products is an organised retailer of home improvement and building products in India.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)