Midfield Industries IPO fully subscribed on day one

Gets bids for 76.67 lakh shares against 45 lakh shares on offer

The initial public offer (IPO) of industrial packaging firm Midfield Industries received good response from investors on day one today, 19 July 2010. The IPO was subscribed 1.7 times by 16:00 IST and got bids for 76.67 lakh shares. The IPO closes on 21 July 2010.



Midfield Industries is offering 45 lakh shares in the price band of Rs 126- 133 per share in the ongoing IPO for capacity expansion at the existing facilities, to set up new facilities, and to enhance its working capital needs.

Midfield Industries has presence in the organized segment of the packaging industry catering to the growing demand for industrial packaging consumables in India. The company's net profit rose 37.7% to Rs 8.14 crore on 8.9% rise in net sales to Rs 87.73 crore in the year ended March 2010 over the year ended March 2009.