Vishwaraj Sugar Industries IPO subscribed 46% on day 2

The initial public offer (IPO) of Vishwaraj Sugar Industries was subscribed 46% on second day of bidding today. Of 1 crore shares available for offer for sale, bids were received for 46.02 lakh shares till 1:00 pm.

The IPO which opened on September 30 will close on October 4. The shares of Karnataka-based firm are available in a price band of Rs 55 to Rs 60 per share. On the first day of the issue, the IPO received bids for 39% of the issue size or 39.24 lakh shares compared to the issue size of 1 crore shares.

The lot size or minimum order quantity in the IPO is 240 shares and in multiples of 40 equity shares thereafter. The issue includes an offer for sale of 70 lakh shares and fresh issue of 30 lakh shares. The IPO will close on Friday.

The firm is engaged in the manufacturing of sugar and other allied products. It also generates power from sugar by-products for captive consumption and commercial sale. The business of the company can be divided into five categories, which are vinegar, Indian made liquor (IML), co-generation, distillery, and sugar