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The initial public offering (IPO) of steel wire manufacturer Bedmutha Industries was subscribed 6.87 times and garnered bids for 6.18 crore shares by 16:00 IST on the last day of the issue today, 1 October 2010.
Bedmutha Industries had offered 90 lakh shares through the IPO, with a price band of Rs 95-102 per share. The proceeds of the IPO will be utilised to set up a new plant.
Rating agency ICRA had assigned IPO Grade 2 to the company's IPO indicating below average fundamentals.
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