Fabtech IPO Subscribed 2x on Last Day

New Delhi, Oct 1 (PTI) The initial share sale of Fabtech Technologies Ltd, a turnkey engineering solutions provider for the pharmaceuticals, biotech and healthcare industry, received 2.03 times subscription on the last day of bidding on Wednesday.

The Rs 230-crore initial public offer (IPO) received bids for 2,45,22,750 shares against 1,20,60,000 shares on offer, as per data available with the NSE.

Retail Individual Investors (RIIs) portion got subscribed 2.08 times, while Qualified Institutional Buyers' (QIBs) category received 2.02 times subscription.

Non-Institutional Investors portion attracted 1.97 times subscription.

Fabtech Technologies' IPO has a price band of Rs 181-191 per share.

The company's IPO is entirely a fresh issue of up to 1.2 crore equity shares worth Rs 230 crore at the upper end of the price band.

Proceeds from the IPO will be used for funding the working capital requirements of the company, pursuing inorganic growth initiatives through acquisitions, and general corporate purposes.

Fabtech Technologies offers comprehensive start-to-finish solutions encompassing designing, engineering, procurement, installation and testing of select pharmaceutical equipment for a wide range of customers.

Unistone Capital is the sole book running lead manager to the issue.