Shankara Building Products IPO subscribed 41.25 times

Mumbai: The Rs 345 crore initial public offering (IPO) of Shankara Building Products was subscribed 41.25 times on the closing day.

The IPO received bids for 21.84 crore shares against the total issue size of 52.94 lakhs shares, according to exchange data at 7 pm.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 52 times, while non-institutional investors segment witnessed subscription of 91 times. Retail investors' category was subscribed 14 times.

Shankara Building Products is the fourth IPO of the year. Earlier India’s oldest bourse BSE, Avenue Sueprmart that runs supermarket chain D-Mart and Delhi based CL Educate together raised about Rs 3,300 crore through IPOs.

Excluding the anchor portion, the offer size is 52.9 lakh shares with a price band of Rs 440-460 per share. Ahead of its IPO, the Fairwinds Private Equity-backed company, on Tuesday, raised Rs 103.5 crore by allotting 22.5 lakh shares to 16 anchor investors at the upper end of the price band.

Franklin India Smaller Companies Fund and DSP Blackrock Core Fund picked up a little over one-fourth of the anchor portion.

The IPO comprises fresh issue of shares and offer for sale. Fairwinds, which owns 34.8% in Shankara Building, is looking to sell around 25% through the IPO, while Shankara Building intends to raise Rs 50 crore in primary capital to cut debt.

IDFC Bank, Equirus Capital and HDFC Bank are managing the issue.