Euro Pratik Sales IPO subscribed 43 pc on day 1 of offer

New Delhi, Sep 16 (PTI) The initial public offer of Euro Pratik Sales Ltd, a prominent player in the decorative wall panel industry, got subscribed 43 per cent on the first day of bidding on Tuesday.

The IPO received bids for 58,25,340 shares against 1,34,64,781 shares on offer, according to the data.

The portion for non-institutional investors got subscribed 89 per cent, and the Retail Individual Investors (RIIs) part received 33 per cent subscription. The Qualified Institutional Buyers (QIBs) quota was subscribed 26 per cent.

Euro Pratik Sales Ltd on Monday garnered Rs 135 crore from anchor investors.

The public issue is entirely an offer for sale of shares worth Rs 451.32 crore by promoters with no fresh issue component. The IPO will conclude on September 18.

The company's shares are available for subscription in the price band of Rs 235 to Rs 247 per share.

Euro Pratik has an extensive product range catering to both residential and commercial applications, which is predominantly sold under its flagship brands 'Euro Pratik' and Gloirio.

The company operates on an asset-light model - it outsources manufacturing to contract partners across South Korea, China, and the US.

Axis Capital and DAM Capital Advisors are the book-running lead managers to the issue.

The company's shares will be listed on the National Stock Exchange and BSE. PTI SUM SUM SHW