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Shankara Building IPO oversubscribed by 2.49x on last day of subscription

Shankara Building Products Limited’s IPO has been oversubscribed by 40.95x as on 1700 hours, on its last day of subscription.

As per the data available with National Stock Exchange of India (NSE), the total bids received by the issue stood at 21,67,94,368 while the total bids received at cut off price stood at 2,99,75,296. The total issue size stands at 52,94,467.
Retailers of home improvement and building products in India, Shankara Building Products Limited have an active IPO ongoing, which closes on March 24, 2017.
The company has fixed the price band of Rs 440 to Rs 460 per equity share. The minimum order quantity consists of one lot, wherein there are 32 stocks in one lot.
Initial Public Offerings (IPOs) have been getting more attention from the investors as seen in the recent IPOs.
The company which is among few organised, third party retailers of building products, provides a much wider product portfolio as compared to its rivals.