PG Electroplast's initial public offer (IPO) which opened for subscription today received almost nil response on day one. The IPO received bids for meager 8700 shares as compared with 57.45 lakh equity shares on offer.

The price band for the IPO is fixed at Rs 190 to Rs 210 per equity share. The issue closes on 12 September 2011. PG Electroplast aims to raise Rs 109.16 crore to Rs 120.65 crore through the issue.

It intends to use that money for prepayment of the portion of term loan and line of credit facility proposed to be availed by company for the expansion under Phase I; expansion of manufacturing facility at Unit III, Greater Noida; expansion of manufacturing facility at Unit IV, Pune; and for long term working capital requirements.

The company manufactures and assembles a comprehensive range of consumer electronic components and finished products such as colour television (CTV) sets & components, air conditioners (ACs) sub-assemblies, DVD players and compact fluorescent lamps (CFL) for third parties. As backward integration, it also does plastic injection moulding and manufactures printed circuit boards (PCB) assemblies for CTVs, DVD players and CFL.