New Delhi: The IPO offer of Advanta India, a subsidiary of United Phosphorous (UPL), got subscribed nearly four times on Friday.
The offer got subscribed over 3.98 times getting 1.34 crore bids for its offer of 33.80 lakh equity shares.
The price band has been fixed between Rs 600 and Rs 650 per equity share and the issue constitutes of 20.08 per cent of the post-issue paid-up capital of the company.
Advanta India has principal operations in India, Australia, Thailand and Argentina and conducts business in 14 other countries across the globe.
The issue closed on Friday and received robust response from Qualified Institutional Buyers especially Foreign Institutional Investors.
Meanwhile, another IPO of Ammana Bia Pharma Ltd received lukewarm response from investors for its 1.68 crore equity shares issue.
The price band has been fixed between Rs 12 to Rs 14 and the issue of the Hyderabad-based company closes on April 5.
The funds raised through the public issue would be used for expansion of the existing capacity to enable the production of 30,000 litres of extra neutral alcohol (ENA) per day besides establishing a multi-feed sweet sorghum plant to produce rectified spirit, which will be converted into ethanol.
(With agency inputs)
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