The initial public offering (IPO) of Gyscoal Alloys, a manufacturer of stainless steel products, was subscribed 1.3 times by 16:00 IST on day one the issue today, 13 October 2010. The issue garnered bids for 1 crore shares, compared with 77 lakh shares on offer.

The price band for the IPO is Rs 65-71 per share. The issue closes on 15 October 2010. Rating agency CARE has assigned an IPO grade 2 to the IPO, indicating below average fundamentals.

Gyscoal Alloys manufactures different grades of stainless steel products. It proposes to utilise the issue proceeds for capital expenditure, capacity expansion and funding long term working capital requirements.