The initial public offering Gravita India, a manufacturer of lead metal, received a strong investor response. On the last day of the issue today, 3 November 2010, IPO was subscribed 41.28 times by 17:00 IST, data on NSE showed. The IPO got bids for 14.86 crore shares compared with 36 lakh shares on offer.
The company planned to raise Rs. 43.20-45 crore from the IPO, which had a price band of Rs. 120-125 a share. Gravita India is engaged in the business of manufacturing of lead metal by recycling & smelting process & other lead products.
Gravita intends to utilise the proceeds of the issue for setting upbeat additional manufacturing facilities at Jaipur and at Wada, Maharashtra. It will also use the proceeds for investment in overseas ventures at Sri Lanka - Navam Lanka Limited, Senegal - Pagrik Senegal SA and Honduras - Gravita Honduras SA. Part of the proceeds of the IPO will also be used for setting upbeat manufacturing facilities at Australia, Belarus, Chile and Mexico.
It has a subsidiary Gravita Exim, which is specialised in providing turnkey solutions and consultancy services on engineering and design for the secondary lead companies.
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