Sadbhav Infrastructure IPO subscribed 12% on day 1

The initial public offering (IPO) of Sadbhav Infrastructure Project was subscribed by only 12 per cent on the first day of subscription, said the media reports.

Sadbhav's IPO received bids for over 33.71 lakh shares compared with 2.86 crore on offer while that of Prabhat Dairy got bids for over 74.10 lakh shares as against a total issue size of more than 3.64 crore, data available with NSE showed.

The IPO of Sadbhav will conclude on September 2. The shares are proposed to be listed on BSE and NSE.