PG Electroplast's initial public offer (IPO) continues to see poor investor response. As at 16:00 IST on day two today, 8 September 2011, the IPO was subscribed just 0.04 times and received bids for just 20,940 shares as compared with 57.45 lakh equity shares on offer.

PG Electroplast aims to raise Rs 109.16 crore to Rs 120.65 crore through the ongoing IPO by offering shares in the price band of Rs 190 to Rs 210 per equity share. The IPO closes on 12 September 2011.

The company intends to use the IPO proceeds 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.

PG Electroplast 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.