The IPO of Swajas Air Charters ltd has received the weak response from investors up to October 3, 2011. The IPO which opened on September 26, 2011, witnessed a subscription of 0.01 times in the Non Institutional Investors portion while Retail portion was subscribed only by 0.04 times till the closing of the market on October 3, 2011.

The company has fixed the price band at Rs 84 to Rs 90 for its IPO aggregating upto Rs 3,750 lacs. The issue will close for subscription on October 5, 2011.

The company provides services falling under the segments of General Air-Charter Services, Off-Shore Transportation & Logistics, Charter Tourism, Medical Evacuation Services and Operations & Maintenance.

The company will use the proceeds from the issue for Part Finance the Fleet expansion, Finance the setting up of MRO/Hangar Facility, Finance the purchase of Office Building / Space, Finance the Working Capital Requirements and General Corporate Purposes.

The book running lead managers to the Issue are Antique Capital Markets Private Limited and Equirus Capital Private Limited.