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Apex Frozen IPO oversubscribed six times
The initial public offer (IPO) of Apex Frozen Foods that deals in aquaculture products was subscribed more than six times on the final day of the bidding on Friday. The IPO, with an aim to raise up to Rs 152 crore, received bids for 3,78,71,280 shares as against the total issue size of 62,10,000, indicating a subscription of 6.10 times, Apex Frozen Foods said.
Hyderabad: The initial public offer (IPO) of Apex Frozen Foods that deals in aquaculture products was subscribed more than six times on the final day of the bidding on Friday. The IPO, with an aim to raise up to Rs 152 crore, received bids for 3,78,71,280 shares as against the total issue size of 62,10,000, indicating a subscription of 6.10 times, Apex Frozen Foods said.
Of these, high networth individuals and retail categories were subscribed 7.82 times and 8.46 times respectively, while the portion reserved for qualified institutional buyers was subscribed 1.91 times, it added.
The offer, which opened for public subscription from August 22, closed today. Apex Frozen Foods on Monday raised over Rs 43 crore from anchor investors. The offer of up to 87 lakh shares, including the anchor portion of 24,90,000, with a face value of Rs 10 each was in the price band of Rs 171-175. The IPO comprised fresh issue of 72.50 lakh shares and an offer for sale of 14.50 lakh by promoters. At the upper end, the public issue can fetch up to Rs 152.25 crore while at the lower limit, the company will raise at least Rs 148.77 crore.
