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Astron Paper & Board Mills IPO overall subscribed 242.72 times

The initial public offering (IPO) of Astron Paper & Board Mills got overall subscribed by a massive 242.72 times on the last day of the offer on Wednesday.

The public offer received bids for 3,39,81,37,400 shares against 1,40,00,000 shares offered by the company, it said in a release.

The QIB quota was subscribed 103.36 times, non-institutional 396.99 times and retail 76.22 times.

At 242.72 times subscription, the Rs 69.83-crore IPO received bids for Rs 16,990.22 crore.

The company had fixed the price band of Rs 45-50 per share for the public offer and the issue closed today.

Incorporated in 2010, the company is engaged in manufacturing of kraft paper. Astron Paper has a manufacturing facility in Gujarat with an installed capacity of 96,000 mt pa as on the date of the red herring prospectus dated December 5, 2017 filed with the RoC, Ahmedabad. The company's manufacturing facility is situated at Halvad, Gujarat and is well equipped with requisite plant and machineries and other facilities.

Pantomath Capital Advisors Private Limited is the book running lead manager to the offer.

The equity shares of the company are proposed to be listed on the NSE and BSE.

The company has plans to raise Rs 70 crore from the primary market to increase capacity and repay a portion of its debt.

After the initial public offer (IPO), the holding of its four promoters will reduce to 46 per cent from over 66 per cent.

Brokerage firm Ventura Securities, Choice Broking and Sushil Finance have given 'Subscribe' rating to the issue.

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