Rajkot-based packaging solutions provider Antala Industries' initial public offering (IPO) received a strong response from investors, closing with 12.2 times subscription on November 5.
The company is expected to finalise the IPO share allotment by November 6, while trading in Antala shares on the BSE SME platform is scheduled to begin on November 11.
Investors placed bids for 4.24 crore equity shares over six days from October 29, against an offer size of 34.82 lakh shares, through 5,293 applications.
Antala Industries is raising Rs 22.98 crore through its maiden public issue of 34.82 lakh equity shares at the upper end of the price band of Rs 62-66 per share.
With manufacturing facilities in Rajkot, the company makes industrial and commercial packaging products, specialising in BOPP bags, BOPP printing rolls, BOPP lamination rolls, PP woven bags and PP woven fabric rolls. It provides packaging solutions to customers in sectors such as food processing, fertilisers, chemicals, cement and seeds.