By 2:30 pm, the issue received bids for 2,08,89,765 units against the total size of 1,76,37,777 shares, data available with NSE showed.
Qualified institutional buyers (QIBs) quota has been subscribed 2.11 times, non-institutional investors (NII) 0.52 times and retail 1.15 times so far.
On the block are a fresh issue of equity shares, aggregating up to Rs 400 crore, and offer for sale (OFS) of 17,582,000 shares.
The price band for the issue has been fixed at Rs 533-538.
At the upper end of the price band, the company is demanding 21.6 times FY18 earnings. Peers Finolex Cables trades at 21.5 times and KEI Industries at 22.5 times FY18 earnings.
Choice Broking values the company at 17.2 times FY19 and 13.8 times FY20 basis, which is at discount to peers. The issue is reasonably priced, it said, and recommended a ‘subscribe’ rating on the issue.
If the issues sails through, the post-issue implied market capitalisation will be around Rs 8,000 crore.
