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The initial public offer of chemical manufacturer Fine Organic Industries was subscribed 12 per cent on the first day of bidding today.
The IPO, to raise little over Rs 600 crore, received bids for 6,20,312 shares against the total issue size of 53,65,497 shares, NSE data showed.
The segment reserved for qualified institutional buyers (QIBs) was subscribed 17 per cent, non institutional investors 1 per cent and retail investors 13 per cent, as per the exchange data.
Fine Organic Industries yesterday raised Rs 180 crore from anchor investors. The IPO is of 76,64,994 shares (including anchor portion of 22,99,497 shares).
Price band for the offer, which would close on Friday, has been fixed at Rs 780-783 per share. JM Financial and Edelweiss Financial Services are managing the issue.
The shares of the Mumbai-based firm are proposed to be listed on BSE and NSE. Fine Organic Industries had filed draft papers with the Securities and Exchange Board of India to float the IPO in February.
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