Shubhashree Biofuel Energy IPO was oversubscribed 120 times on the last day

NEW DELHI: Shubhshri Biofuel Energy’s initial public offering was subscribed 119.37 times on the last day of subscription on Wednesday. According to NSE data, the public offer of Shubhashree Biofuel Energy received bids of 11,91,82,800 shares, against which 9,98,400 shares were offered.

Shubhashree Biofuel Energy’s Initial Public Offer (IPO) is a fresh issue of fully 13.92 lakh shares. The company paid Rs. A price band of 113-119 was fixed.

The Company intends to use the proceeds of the IPO to fund the installation of additional plant and machinery, working capital requirements and capital expenditure to meet general corporate purpose.

Established in 2013, Jaipur-based Shubhashree Biofuel Energy supplies biomass fuel including biomass pellets and briquettes to customers operating in the recycled materials, textile processing, pharmaceutical, metal, etc. sectors.

Meanwhile, Aditya Ultra Steel’s Rs. 45.88 crore IPO was subscribed 10.22 times on the last day of the offer.

It was a fresh issue of fully 74 lakh shares. The company paid Rs. A price band of 59-62 was fixed.

Aditya Ultra Steel Limited, established in 2011, manufactures rolled steel products, namely TMT bars under the brand name “Kamdhenu”.

The company manufactures TMT bars from billets in reheating furnaces and rolling mills, mainly catering to the construction industry and infrastructure development.

Also, the initial public offer of Gajanand International Limited was subscribed 14.28 times on the last day of the offer.

The issue was entirely a new issue of 57.36 lakh shares priced at Rs 36.

Established in 2009, Gajanand International Limited, formerly known as Gajanand Kotex Private Limited, is engaged in the production of pollution free and sustainable cotton.

Shares of these companies will be listed on NSE’s SME platform Emerge.