Mumbai: The initial public offer of private sector railway wagon manufacturer Titagarh Wagon has been subscribed four times until 2 pm on the final day of its offer on Thursday.

The issue received bids for 95.37 lakh shares against over 23.83 lakh shares on the second day of its offer.

The price band of the issue, planning to raise up to Rs 145 crore, has been fixed between Rs 540 to Rs 610.

The net issue consists of 23,68,768 shares and a reservation of up to 15,000 shares for employee subscription.

It constitutes 12.8% of the post issue capital of the company.

About 60% of the net issue is reserved for qualified institutional buyer. Further, 10% of the net issue would be allocated on a proportionate basis to non-institutional bidders and 30% to retail investors.

The company plans to utilise the issue proceeds for setting up a manufacturing facility and also for capacity expansion.
Source : PTI