Astron Paper shares to list on bourses on Friday

29 December 2017

Shares of Astron Paper & Board Mill will list on bourses on Friday, December 29, 2017. The public offer was opened for subscription from December 15 to December 20.

The Rs 70-crore IPO got an overwhelming response from the investors and got subscribed by 243.29 times.

The issue received bids for 3,40,60,74,000 shares against the total issue size of 1,40,00,000 shares.

The issue was in the price band of Rs 45-50.

Brokerage firm Sushil Finance earlier in a report said, "The company is well positioned in the Kraft Paper industry and we believe the addition of the 2nd plant will help improve margins along with output and revenue, we recommend investors to subscribe to this issue and stay invested for the medium to long term."

Pantomath Capital Advisors was the book running lead manager to the offer.

The equity shares of the company are proposed to be listed on the NSE and BSE.

The company had fixed the price band of Rs 45-50 per share for the public offer.

After the initial public offer (IPO), the holding of its four promoters will reduce to 46 per cent from over 66 per cent.

Brokerage firm Ventura Securities, Choice Broking and Sushil Finance had given 'Subscribe' rating to the issue.

Incorporated in 2010, the company is engaged in manufacturing of kraft paper. Astron Paper has a manufacturing facility in Gujarat with an installed capacity of 96,000 mt pa as on the date of the red herring prospectus dated December 5, 2017 filed with the RoC, Ahmedabad. The company's manufacturing facility is situated at Halvad, Gujarat and is well equipped with requisite plant and machineries and other facilities.

 

Source: economictimes.indiatimes.com