Sejal Architectural Glass fixes issue price at Rs115

PTI

New Delhi: Glass processing firm Sejal Architectural Glass said on 17 June it has fixed the issue price of its equity shares at Rs115 a share for its initial public offering.

The issue price has been fixed at the upper limit of the Rs105-115 price-band.

The company had issued 91.94 lakh shares of Rs10 each through 100% book building. The issue, which closed on closed 12 June, was subscribed 9.9 times.

The qualified institutional bidders (QIB) portion was subscribed 4.26 times, the non-institutional bidders portion around 33.18 times and the retail portion was subscribed around 7.96 times, a company release said.

The company will use the issue proceeds to part-finance setting up a new manufacturing facility for processing of float glass and general corporate purposes, it had said earlier.

The company had started its commercial operations in 2000-01 by setting up a processing facility for insulating glass, followed by a toughened glass process.

The firm had expanded its operations by adding an automated lamination line earlier this year and has broadened its scope of business activities by processing various value added glass for exterior and interior applications, including decorative glass, the release added.