Kamdhenu IPO over-subscribes 5.5 times

New Delhi, Apr 15: Kamdhenu Ispat Ltd's IPO which had hit the capital market in the first week of April, has been over-subscribed 5.5 times with maximum support coming from Gujarat investors.

The IPO received good response from the national capital as well, closely followed by Maharashtra, according to a company release.

''The overall performance of the IPO has been quite encouraging and we are grateful to our investors,'' Kamdhenu Ispat Ltd Chairman and Managing Director Satish Agarwal said.

The company has a facility which manufactures less than 10 per cent of the steel sold under its brand. The rest of the steel sold by the company is outsourced to other units. The current steel production capacity of the company accounts for 8,00,000 MT per annum.

Kamdhenu Ispat had earlier floated a public issue of 1,28,00,000 equity shares of Rs 10 each to fund its various expansion plans, which included setting up of 10 stockyards across the country to facilitate distribution of products.

UNI