Supreme Infrastructure India IPO subscribed 52.66 times

Mumbai, Sep 27 (UNI) The initial public offering (IPO) of Supreme Infrastructure India (SIIL) has been subscribed 52.66 times.

The offer received bids for 182,983,860 shares as against 34,75,000 shares offered, said a statement today.

The Company plans to pump in the proceeds to part-finance its expansion plans and to meet its long-term capital requirements.

SIIL has also plans to foray into the construction contracting activity in the real-estate projects.

The issue, which was done through 100 per cent book building process, has been offered at a price band of Rs 95-108.

Supreme Infrastructure is primarily engaged in civil construction that includes construction of roads, highways, widening of highways and execution of contracts.

The shares will be listed both at the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Karvy Investor Services was the lead manager for the issue with Bigshare services being the registrar.

UNI