LT Overseas, manufacturer of 'Dawat' brand basmati rice, today got listed on the Bombay Stock Exchange at Rs 60, with a premium of 7.14 per cent over its issue price of Rs 56.
The company got listed with 2,22,69,929 equity shares of Rs 10 at an offer price of Rs 56 on the bourses.
Initial public offer of the company was over subscribed more than seven times on the back of decent response from retail investors and institutional buyers.
The offer received 5.05 crore (50.5 million) bids for 70.35 lakh (7.035 million) shares.
The retail investors' portion was oversubscribed by 7.69 times and the non-institutional investors part got subscribed by over 4.29 times on the last day.
The price band for the issue was between Rs 50-Rs 56 per share and the offer price was Rs 56 per share.
Proceeds of the issue would go towards expansion, automation and modernisation of its Sonepat plant in Haryana, including setting up of new rice processing and milling capacity, storage facility and generating power for captive purposes.
