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Astron Paper IPO subscribed 243.20 times on last day

The IPO which aims to raise Rs 70 crore received bids for 3,40,48,47,040 shares against the total issue size of 1,40,00,000 shares, data available with the NSE showed.

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Astron Paper IPO subscribed 243.20 times

The initial public offer of kraft paper manufacturer Astron Paper and Board Mills was subscribed 243.20 times on the last day of bidding on Wednesday.

The IPO which aims to raise Rs 70 crore received bids for 3,40,48,47,040 shares against the total issue size of 1,40,00,000 shares, data available with the NSE showed.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 103.36 times, non institutional investors 396.99 times and retail investors 76.26 times, merchant banking sources said. The IPO was open for subscription from December 15 to December 20, 2017 in a price band of Rs 45 to Rs 50 per share.

Pantomath Capital Advisors Private Limited is the book running lead manager to the offer. The equity shares of the company are proposed to be listed on the NSE and BSE.

Incorporated in 2010, Astron Paper and Board Mills' is engaged in manufacturing of kraft paper. The company has manufacturing facility in Gujarat.

The company mainly caters to packaging industry and has been able to develop a loyal clientele network consisting of various packaging companies and MNCs

It is one of the major kraft paper manufacturers in Gujarat with manufacturing facility having an installed capacity of 96,000 mt tonnes per annum.

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