Mumbai: Initial public offer of Kaushalya Infrastructure Development Corporation (KIDCO) got subscribed over seven times on the final day of its issue.

The issue received bids for 6.11 crore shares against 85 lakh shares on offer, latest data available on the bourses show. The price band for the issue was fixed at Rs 50-60. The Kolkata-based company is planning to raise about Rs 51 crore of which Rs 17.50 crore would be utilised for acquisition of land, Rs 12 crore would be invested in various projects and joint ventures.

Besides, about Rs five crore is to be used for the buying construction and infrastructure equipments for execution of projects. Portion reserved for non-institutional investors got subscribed over 17.27 times, the portion reserved for QIBs got subscribed 2.84 times and that of the retail individual investors got subscribed 10.15 times.

Meanwhile, the IPO of FMCG company Jyothy Laboratories got low response on its first day of the issue. It received bids for 1.12 lakh shares as against 44.30 lakh shares on offer, latest data available on the bourses show. The offer would close on November 27. The price band of the issue was fixed between Rs 620 and Rs 690 per share. The company is planning to raise about Rs 305 crore at the higher end of the price band.

Jyothy plans to leverage the dominant Ujala brand with other branded fabric care products, utilise its wide distribution network and marketing expertise, improve efficiencies and manage costs and increase focus on supermarket and hypermarket sale.

Source : PTI