Nashik, India-based Karda Constructions Ltd. made its debut on two Indian bourses March 16, with high subscriptions rates, according to local media reports.
About 98% of the company's 4,300,000 shares were subscribed for on the first day of the IPO, Indian financial magazine Capital Market reported March 16, while The Hindu Business Line reported the same day that the 10% qualified institutional bidders component of the IPO was fully subscribed.
The per-share price for the IPO shares is fixed at 175 Indian rupees to 180 rupees, and the offering will close March 21. Karda Constructions' shares will be listed on the Bombay Stock Exchange and National Stock Exchange of India Ltd.
The builder-developer said earlier that it mainly plans to use the net proceeds from the offering to repay debt, as well as for general corporate purposes.
As of March 16, US$1 was equivalent to 65.03 Indian rupees.
