Mumbai: The Initial public offer of integrated design and engineering service provider Shriram EPC got subscribed over three times till the second day of issue on Wednesday.

The Chennai-based company received bids for over 1.50 crore shares against 50 lakh shares on offer, data available on stocks exchanges show.

The portion reserved for QIBs got subscribed five times with bids for over 1.07 crore shares coming from Foreign Institutional Investors.

However, the portion for non-institutional and retail investors remained undersubscribed. The issue, which opened yesterday, would close on February 1. The price band of the issue has been fixed between Rs 290 and Rs 300.

Shriram EPC is planning to raise up to Rs 165 crore through the IPO, part of which it intends to utilise for augmenting its power equipment manufacturing capacity.

Some amount from the IPO proceeds would also be utilised for acquisitions and working capital. The company provides services like integrated design, engineering, procurement, construction and project management for renewable energy projects among other things.

Further, apparel and textile company Bang Overseas got subscribed 66 per cent on the third day of its issue. The issue received bids for over 23.09 lakh shares against 35 lakh shares on offer.

The price band of the issue has been fixed between Rs 200 and Rs 207 and the issue would close on Thursday.

Source : PTI