Gujarat-based Astron Paper which is engaged in manufacturing Kraft paper opened its IPO offer to raise Rs. 70 crore. With heavy response across investor categories, the issue was oversubscribed 243.20 times as on the last bidding day.
The data available with the NSE showed that the Astron Paper's IPO received bids for 3,40,48,47,040 shares as against the size of 1,40,00,000 shares. The quote reserved for qualified institutional buyers or QIBs got oversubscribed 103.36 times, non-institutional investor category 397 times and retail investors 76.26 times.
Pantomath Capital Advisors Private Limited is the lead manager to the IPO issue. The equity shares of Astron are proposed to list on both the exchanges.
The proceeds of the IPO issue are to be used towards setting up a new facility for manufacturing Kraft paper, repaying unsecured loan, providing for company's working capital and other general corporate activities.