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Cords Cable Industries IPO was subscribed 0.92 times on the third day of opening. The issue received bids for 28.33 lakh shares as against 30.85 shares on offer. (As at 16:00 IST)
The company has fixed the price band between Rs 125-135 per share for its initial public offer, which will close on 24 January 2008.
The shares are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The issue would constitute 27% of the fully diluted post-issue paid-up capital and the net issue 26.38%.
Cords Cable manufactures cables up to 1.1 Kilovolt (KV) for various applications including industrial, utility and buildings. Its clients include Bharat Heavy Electricals, National Thermal Power Corporation (NTPC), Hindalco Industries, ACC, Hindustan Petroleum Corporation (HPCL), GAIL (India), Tata Steel, Siemens, Honeywell, Larsen & Toubro, Mangalore Refinery & Petrochemicals (MRPL).
The company proposes to invest Rs 70 crore in expansion plans, of which it has already invested Rs 14 crore till date.
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