SRS IPO subscribed 0.25 times on Day One | business | Hindustan Times
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SRS IPO subscribed 0.25 times on Day One

The initial public offer of SRS Ltd, a company into cinema exhibition, food and retail, was subscribed 0.25 times on the first day of issue today.

business Updated: Aug 23, 2011 20:02 IST

The initial public offer of SRS Ltd, a company into cinema exhibition, food and retail, was subscribed 0.25 times on the first day of issue on Tuesday.

The company's IPO received bids worth 88.68 lakh shares till 1600 hrs on the first day, as against 3.5 crore shares on offer, as per the data available on the National Stock Exchange.

SRS entered the capital markets with an IPO price band of Rs 58-65 per equity share. The issue, which opened for subscription on tuesday, will close on August 26.

The company aims to raise Rs 225 crore through the sale of a 25.13% stake under the IPO.

The proceeds from the public issue will be utilised by SRS to set up cinemas, food courts, restaurants, retail stores, and a jewellery manufacturing facility.

At present, the firm operates 23 SRS Value Bazaar retail stores, 15 food courts and 30 cinema screens in North India.

The company also operates five jewellery retail and wholesale outlets, and a jewellery manufacturing unit in Delhi.

Karvy Investor Services, IDBI Capital Market Services and SPA Merchant Bankers are the book running lead managers to the issue.