The initial public offer of Gravita India Ltd received robust demand from investors and was over-subscribed 41.28 times by the end of the issue today,with most bids coming from high net-worth individuals,as per NSE data. The issue,through which the company aims to garner up to Rs 45 crore,garnered total demand for 14.86 crore shares,as against 36 lakh equities on offer to the public,as per data available with the National Stock Exchange till 5 pm. The IPO opened on November 1 and is priced in a band of Rs 120 to Rs 125 a share. At the upper end of the price band,the issue is valued at Rs 45 crore. In the portion reserved for the qualified institutional buyers,the issue got over-subscribed six times,while shares earmarked for HNIs saw 182.52 times excess demand. In the retail portion,the issue was oversubscribed 27.47 times,the company said in a statement. Gravita India is the flagship firm of the Gravita Group,which was established in 1992 at Jaipur and is engaged in the business of making lead metal through the recycling and smelting process,besides other lead products. The IPO proceeds will be utilised to set-up additional manufacturing facilities at Jaipur and a new facility at Wada,Maharashtra,among others. Shares are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange of India.
