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Karda Constructions IPO 2.54x subscribed at close

Karda Constructions Ltd. closed its IPO March 21 with a 2.54x subscription rate for the 4,300,000 shares offered, Indian financial magazine Capital Market reported, citing National Stock Exchange of India Ltd. data.

The price band for the issue was set at between 175 Indian rupees and 180 rupees, and according to the March 22 report, the qualified institutional component of the offering was 1.55x subscribed, while the non-institutional investor category was subscribed 3.44x. Meanwhile, a 2.01x subscription rate was received for the retail individual investor component of the IPO, which opened March 16.

The Nashik, India-based builder and developer earlier said net proceeds from its debut offering will be used to repay debt and for general corporate purposes. It is also listed on the Bombay Stock Exchange.

As of March 22, US$1 was equivalent to 65.15 Indian rupees.