Sanghvi Forging and Engineering IPO closes tomorrow, fragile subscription till now - Indian IPO Blog

Sunday, May 8, 2011

Sanghvi Forging and Engineering IPO closes tomorrow, fragile subscription till now

Sanghvi Forging and Engineering IPO, which had opened for subscription from Wednesday, May 04, 2011, has received very scant response till Friday, May 06, 2011, when the IPO closed for subscription for the QIB Investors.

Sanghvi Forging and Engineering IPO has been bid 0.16 times on an overall basis with no support from the QIB Category. The HNI as well as the Retail categories have also seen slim subscriptions with the two categories covered 45% and 27% respectively

Sanghvi Forging and Engineering IPO closes for subscription tomorrow, i.e. on Monday, May 09, 2011. It would be interesting to see whether the IPO would manage to get through or not particularly in view of no interest being shown from QIB category of investors. Sanghvi Forging and Engineering Limited (SFEL), an ISO 9001:2008 Certified Indian company, is engaged in the manufacture and marketing of Stainless Steel Forged and Machined Subtends, Forged Flanges, Forged Fittings and CNC Machined Forged Parts and Automobile Components in India, since 1990

The Equity Shares are being offered in a Price Band of Rs.80/- to Rs.85/- per equity share for shares having a Face Value of Rs.10/- each. The proceeds from the Issue are proposed to be utilized for financing the cost of setting up open die forging unit and for meeting working capital requirements for the new project and for pre-operative expenses including issue expenses

Check back Indian IPO Blog for the latest subscription status updates on Sanghvi Forging and Engineering IPO!

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