The Kolkata based shoe maker opened its IPO issue of Rs. 543 crore with a price band of Rs. Rs745-750 per share. As of 2.21 pm on the last bidding day today, the issue was subscribed fully at 1.02 times. The data by NSE shows that the issue received bids for 50,73,006 shares for the issue size of 50,73,006 shares.
The share sale by the third largest footwear company includes fresh shares issue worth Rs. 50 crore. Fairwinds Private Equity sold 5.85 million shares worth Rs. 438 crore while promoter Siddhartha Roy plans offloading 7,22,000 shares worth Rs. 54 crore.
The proceeds from the issue are likely to be used for pre-payment or repayment of all or some of the company's ongoing term loans. Additionally, the funds shall also be used towards various corporate expenses.
"Considering other listed footwear manufacturers such as Bata, RelaxoBSE -2.52 %, Mirza (Red Tape), etc., and their valuations, we believe Khadim with a strong brand, franchise network and good growth potential warrants a Subscribe" said analysts.