Amber Enterprises IPO fully subscribed on Day 1

 BusinessToday.in        Last Updated: January 18, 2018  | 11:43 IST
Amber Enterprises IPO fully subscribed on Day 1

The IPO of room air-conditioner manufacturer Amber Enterprises was fully subscribed during the first day of bidding on Wednesday.

The Rs 600-crore IPO received bids for 50.93 lakh shares against the total issue size of 49.27 lakh scrips, registering a subscription of 1.03 times, data available with the National Stock Exchange (NSE) showed.

The company plans to raise Rs 475 crore via fresh issue of shares and Rs 125 crore through offer for sale by promoters Jasbir Singh and Daljit Singh. The shares are available in a price band of Rs 855 to Rs 859 per share. Retail investors will be allocated 35% of the issue.

On Tuesday, the firm raised Rs 179 crore from anchor investors. The company's IPO committee has finalised allocation of 20,80,459 equity shares to 15 anchor investors at Rs 859 apiece, also the upper price band for the offer, Amber Enterprises informed the stock exchanges. Abu Dhabi Investment Authority - Behave, Blackrock India Equities Mauritius, Goldman Sachs India and Kuwait Investment Authority Fund 225 are among the anchor investors.

Amber Enterprises' initial public offer (IPO) will close on January 19. The company plans to use the proceeds for repayment and advance payment of certain loans and other general corporate purposes. Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas will manage the company's IPO. The IPO has recived mixed ratings from brokerages and  experts. Here are some of them.

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