Mishra Dhatu Nigam IPO subscribed 1.21 times

Mishra Dhatu Nigam IPO: The initial public offer of speciality alloy maker Mishra Dhatu Nigam (MIDHANI) was subscribed 1.21 times on the final day of bidding today. The public issue of the state-owned firm to raise Rs 438 crore received bids for 5,90,65,050 shares against the total issue size of 4,87,08,400 shares, data available with the NSE till 1930 hrs showed. The portion set aside for qualified institutional buyers (QIBs) was subscribed 1.96 times, non institutional investors 12 per cent and retail investors 72 per cent, merchant banking sources said. The IPO is of 48,708,400 shares and is in a price band of Rs 87-90.

MIDHANI is one of the leading manufacturers of special steels, superalloys and only manufacturer of Titanium alloys in India. The shares of MIDHANI are proposed to be listed on BSE and NSE.

SBI Capital Markets and IDBI Capital Markets & Securities are managing the issue.

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