Jyothy Lab IPO subscribed 3% after two days

New Delhi, Nov 23 (UNI) The Initial public offering of Jyothy Laboratories received three per cent subscription till its second day.

It received 1,12,400 bids as against issue size of 4.43 million shares and a total of 1,04,920 bids were received at the cut off price.

The FMCG company has issued 44.3 lakh shares in the price band of Rs 620-690. The issue size at the lower band is Rs 274 crore and Rs 305 crore at the higher end, its Deputy Managing Director K Ullas Kamath told reporters here.

The offer would constitute 30.52 per cent of the post issue paid up capital of the company. Post-issue, the stake of the promoters would be 69.47 per cent.

The present investors, including Canzone Ltd, ICICI Bank Canada, ICICI Bank UK Plc, South Asia Regional Fund and CDC Investment Holdings, are selling their 44,30,250 equity shares through the IPO.

The remaining stake is held by founder chairman M P Ramachandran and his family, Kamath said.

Jyothy Labs is engaged in the fabric care, household insecticide, surface cleaning, personal care and air care segments of the Indian market.

It offers branded products including fabric whitener, mosquito repellent, dishwashing, bath and incense products.

UNI