CEBBCO IPO subscribed 2.03 times

Gets bids for 2.29 crore shares

The initial public offering (IPO) of Commercial Engineers & Body Builders Company (CEBBCO) was subscribed 2.03 times by 16:00 IST on the last day of its issue today, 5 October 2010. The issue garnered bids for 2.29 crore shares, compared with 1.13 crore shares on offer. The price band for the IPO is Rs 125-127 per share.



CEBBCO has allotted 24.43 lakh shares to anchor investors, raking in more than Rs 31 crore. The shares were allotted to the anchor investors at Rs 127 a piece. The anchor investors include JF Eastern Smaller Companies Fund, Legg Mason, Kotak Mutual Fund, Monsoon India Inflection Fund, Phiem Asset Management and Atlantis International Umbrella Fund.

CEBBCO produces vehicle and locomotive bodies for diverse applications for road and railways transportation. It also conducts refurbishment of railway wagons and manufactures components for railway wagons, coaches and locomotives.

The company will utilise around Rs 80.30 crore of the proceeds to set up a unit with a manufacturing capacity of 1,200 wagons and 150 coaches annually. The funds will also be used to pre-pay debt.