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Thursday, March 10, 2011

Lovable Lingeries IPO has received an astonishing response on Day 3 of its opening, which was the last day for QIB Investors, the IPO being overbid 10.64 times on an overall basis. The IPO has received solid support from the QIB Category with subscription in the category at about 21.87 times

Earlier, credit rating agency CARE had assigned an IPO Grade 3 to Lovable Lingeries Ltd IPO. This means that as per CARE, the company has 'Average Fundamentals'. CARE assigns IPO grading on a scale of IPO Grade 1 to IPO Grade 5, with IPO Grade 1 indicating poor fundamentals and IPO Grade 5 indicating strong fundamentals

Lovable Lingeries Ltd is one of India's leading women's innerwear manufacturers, with products including brassieres, panties, slips / camisoles, homewear, shapewear, foundation garments and sleepwear products. The Issue would constitute 27.08% of the post issue paid-up capital of the company. The company plans to use the proceeds from the IPO for a manufacturing facility, brand promotion and retail expansion

Stay tuned to Indian IPO Blog for regular subscription status updates on the IPO throughout the closing day!

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