
New Delhi: Khadim India Ltd’s initial public offering was subscribed 45% so far on the second day of the share sale on Friday, data from stock exchanges showed.
As of 5pm, the IPO received bids for 2,273,800 shares against the total issue size of 5,073,006 shares, according to NSE data. The IPO will close on 6 November.
On the first day on Thursday, the IPO witnessed an overall subscription of 14%. As of 5pm, the portion of shares reserved for institutional investors did not see any subscription, while those set aside for retail investors and high net-worth individuals (HNI) were subscribed 28% and 1%, respectively.
Khadim has set a price band of Rs745-750 per share for the IPO. The share sale includes the issue of fresh shares worth Rs50 crore. The proceeds from the fresh issue will be used for prepayment or scheduled repayment of all or a portion of term loans and working capital facilities availed by the company and to meet general corporate expenses.
Promoter Siddhartha Roy Burman plans to sell 722,000 shares, which at the upper end of the price band will fetch Rs54 crore, while Fairwinds Private Equity (formerly Reliance Equity Advisors) is selling 5.85 million shares worth Rs438 crore. Fairwinds, which currently holds 33% stake in Khadim, invested Rs90 crore in 2013.