Bang Overseas IPO subscription Details
Bang Overseas, a provider of fashion fabrics and ready-to-wear requirements in apparel, textile and retail segment, is opened for subscription with an initial public offering (IPO) of 3,500,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The issue will constitute 25.81% of the post-issue paid-up capital of the company.
The issue will close for subscription on January 31, 2008. The price band has been fixed between Rs 200 and Rs 207 per equity share.
The issue comprises a net issue of 3,400,000 equity shares of Rs 10 each after a reservation for eligible employees of 100,000 equity shares of Rs 10 each for cash at a premium. The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.
At least 50% of the net issue shall be allotted to qualified institutional bidders (QIBs) on a proportionate basis, of which 5% shall be available to Mutual Funds only. If at least 50% of the net issue cannot be allotted to QIBs, then the entire application money shall be refunded. Further, not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to non-institutional investors and not less than 35% of the Issue shall be available for allocation on a proportionate basis to retail individual bidders.
Update: Check Bang Overseas IPO allotment status
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[...] Bang Overseas, a provider of fashion fabrics and ready-to-wear requirements in apparel, textile and retail segment, has opened for subscription with an IPO of 3,500,000 equity shares of Rs 10 each during the last week of January 2008. [...]