SRS IPO subscribed 0.74 times on third day of issue | business | Hindustan Times
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SRS IPO subscribed 0.74 times on third day of issue

business Updated: Aug 25, 2011 19:51 IST

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The initial public offer of SRS Ltd, a company into cinema exhibition, food and retail, was subscribed 0.74 times on the third day of the issue on Thursday.

The company's IPO received bids worth 2.57 crore shares till 1700 hours on the third 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 August 23, will close on Friday.

The company aims to raise Rs 225 crore.

The proceeds from the public issue will be utilised 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 for the issue.