IPO Alerts - Birla Cotsyn India Ltd

The initial public offer of Birla Cotsyn (India) Ltd, a Yash Birla Group company engaged in textile manufacturing, received bids for 0.22 times the shares on offer on the second day of the issue today. The portion reserved for non-institutional investors got subscribed 0.71 times, while the portion for retail investors was subscribed 34 per cent. The Qualified Institutional Buyers' portion was marginally subscribed.
The price band of the issue has been fixed between Rs 15 and Rs 18. The issue will close on July 4.
The company would utilise the issue proceeds to set up an integrated textile unit and a garment manufacturing plant at its existing facilities in Maharashtra.
The IPO would also fund the firm's foray into retail outlets which it plans to set up across the country.