Fabtech Tech IPO gets fully subscribed

New Delhi, Sep 30 (PTI) The initial public offer of Fabtech Technologies Ltd, a turnkey engineering solutions provider for the pharmaceuticals, biotech and healthcare industry, got fully subscribed on the second day of share sale on Tuesday.

The Rs 230-crore IPO received bids for 1,21,11,225 shares against 1,20,60,000 shares on offer, as per NSE data.

Among investor categories, the Retail Individual Investors (RIIs) portion fetched 1.20 times subscription, while the quota for Qualified Institutional Buyers (QIBs) received 94 per cent subscription and non-institutional investors 76 per cent.

Fabtech Technologies has fixed a price band of Rs 181-191 per share for its Rs 230-crore initial public offering (IPO).

The initial share sale will conclude on Wednesday.

The company's IPO is entirely a fresh issue of up to 1.2 crore equity shares worth Rs 230 crore at the upper end of the price band.

Proceeds from the IPO will be used for funding the working capital requirements of the company, pursuing inorganic growth initiatives through acquisitions, and general corporate purposes.

Fabtech Technologies offers comprehensive start-to-finish solutions encompassing designing, engineering, procurement, installation and testing of select pharmaceutical equipment for a wide range of customers.

Unistone Capital is the sole book-running lead manager to the issue. PTI SUM SHW