Fabtech IPO Subscribed 70% on Day 1

New Delhi, Sep 29 (PTI) The initial public offer of Fabtech Technologies Ltd, a turnkey engineering solutions provider for the pharmaceuticals, biotech and healthcare industry, received 70 per cent subscription on the first day of the share sale on Monday.

The IPO got bids for 84,20,325 shares against 1,20,60,000 shares on offer, according to NSE data.

The quota for qualified institutional buyers (QIBs) was subscribed 77 per cent, and the retail individual investors (RIIs) category received 70 per cent bidding. The portion meant for non-institutional investors attracted 46 per cent subscription.

Fabtech Technologies has fixed a price band of Rs 181-191 per share for its Rs 230-crore initial public offering (IPO).

The initial share sale will conclude on October 1.

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.