Shubhshree Biofuels IPO Oversubscribed 120 Times

New Delhi, Sep 11 (PTI) The initial public offer of Shubhshree Biofuels Energy got subscribed by a whopping 119.37 times on the last day of subscription on Wednesday.

The public offer of Shubhshree Biofuels Energy received bids for 11,91,82,800 shares against 9,98,400 shares on offer, according to the NSE data.

The initial public offering (IPO) of Shubhshree Biofuels Energy is entirely a fresh issue of 13.92 lakh shares. The company had fixed a price band at Rs 113-119 a share.

The company intends to utilise the proceeds of IPO to fund the capital expenditure towards the installation of additional plant and machinery, to meet the working capital requirements, and general corporate purpose.

Established in 2013, Jaipur-based Shubhshree Biofuels Energy supplies biomass fuels, including biomass pellets and briquettes, to customers operating in the recycled material, textile processing, pharmaceutical, metal, etc. sectors.

Meanwhile, the Rs 45.88-crore IPO of Aditya Ultra Steel subscribed 10.22 times on the final day of offer.

It was entirely a fresh issue of 74 lakh shares. The company had set a price band at Rs 59-62 a share.

Aditya Ultra Steel Ltd, founded in 2011, manufactures rolled steel products, i.e. TMT bars, under the brand name "Kamdhenu".

The company manufactures TMT bars from billets in a reheating furnace and a rolling mill, mainly catering to the construction industry and infrastructure development.

Also, the initial public offer of Gajanand International Ltd subscribed 14.28 times on the concluding day of the offer.

The issue was entirely a fresh issue of 57.36 lakh shares priced at Rs 36 apiece.

Founded in 2009, Gajanand International Ltd, formerly known as Gajanand Cottex Pvt Ltd, is engaged in the production of contamination-free and sustainable cotton.

The shares of these companies will be listed on the NSE's SME platform Emerge.