Gravita India IPO subscribed 41 times

Gets bids for 14.86 crore shares

The initial public offering (IPO) Gravita India, a manufacturer of lead metal, received a strong investor response. The IPO was subscribed 41.28 times by 17:00 IST on the last day of the issue today, 3 November 2010, 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 up 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 up 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.