Ravi Kumar Distilleries IPO subscribed 33%
The initial public offering (IPO) of Indian-made foreign liquor maker Ravi Kumar Distilleries was subscribed 0.33 times by 17:30 IST on day one of the issue today, 8 December 2010. The IPO garnered bids for 37.57 lakh shares.
Ravi Kumar Distilleries is offering 1.15 crore shares in a price band of Rs 56 to Rs 64 a share through the IPO which closes on 10 December 2010. The company plans to use the proceeds of the issue for capacity expansion, installation of a re-distillation plant and to part-finance its marketing and corporate branding expenses. Ratings firm CARE has assigned IPO grade 2 to the company IPO indicating below average fundamentals.
Company Profile:
Ravi Kumar Distilleries is engaged in the business of manufacturing Indian Made Foreign Liquor under its own brand portfolio as well as under tie-up arrangements with other companies.
The initial public offering (IPO) of Indian-made foreign liquor maker Ravi Kumar Distilleries was subscribed 0.33 times by 17:30 IST on day one of the issue today, 8 December 2010. The IPO garnered bids for 37.57 lakh shares.
Ravi Kumar Distilleries is offering 1.15 crore shares in a price band of Rs 56 to Rs 64 a share through the IPO which closes on 10 December 2010. The company plans to use the proceeds of the issue for capacity expansion, installation of a re-distillation plant and to part-finance its marketing and corporate branding expenses. Ratings firm CARE has assigned IPO grade 2 to the company IPO indicating below average fundamentals.
Company Profile:
Ravi Kumar Distilleries is engaged in the business of manufacturing Indian Made Foreign Liquor under its own brand portfolio as well as under tie-up arrangements with other companies.