Euro Pratik Sales IPO Subscribed 70% on Day 2

New Delhi, Sep 17 (PTI) The initial public offer of Euro Pratik Sales Ltd received 70 per cent subscription on the second day of bidding on Wednesday.

The IPO got bids for 94,56,000 shares against 1,34,64,781 shares on offer, as per the data.

The quota for non-institutional investors got subscribed 1.23 times, while the Retail Individual Investors (RIIs) portion fetched 71 per cent subscription. The portion for Qualified Institutional Buyers (QIBs) attracted 26 per cent subscription.

Euro Pratik Sales Ltd on Monday garnered Rs 135 crore from anchor investors.

The public issue is entirely an offer-for-sale of shares worth Rs 451.32 crore by promoters with no fresh issue component. The IPO will conclude on Thursday.

The company's shares are available for subscription in the price band of Rs 235 to Rs 247 per share.

Euro Pratik has an extensive product range catering to both residential and commercial applications, which is predominantly sold under its flagship brands 'Euro Pratik' and Gloirio.

The company operates on an asset-light model - it outsources manufacturing to contract partners across South Korea, China, and the US.

Axis Capital and DAM Capital Advisors are the book-running lead managers to the issue.

The company's shares will be listed on the National Stock Exchange and BSE.