The initial public offer (IPO) of diamond jewellery maker C Mahendra Exports was oversubscribed 2.78 times on the final day of issue today,generating demand worth about Rs 462 crore. The Rs 165-crore public offer of Mahendra Exports generated bids for 4.2 crore shares compared to 1.5 crore equities on offer,as per the data available on the National Stock Exchange till 1745 hrs. The price band of the issue has been fixed at Rs 95-110 per share. The issue,which opened for subscription on December 31,ended today with the portion reserved for qualified institutional buyers getting subscribed 1.02 times,non-institutional investors category 3.92 times and retail investors section 4.82 times,according to the data. The company plans to use the part of the proceeds to set up a diamond processing unit in Gujarat and a jewellery manufacturing unit in Mumbai. YES Bank and Anand Rathi Advisors are the book running lead managers to the issue.
