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Birla Pacific Medspa IPO gets subscribed 1.1 times

23 Jun 2011 Evaluate

Birla Pacific Medspa's initial public offer (IPO) has got subscribed 1.10 times on the last day of the issue.

As per the data available with the NSE, as on June, 23, 2011 at 16:00 PM, total bid of 71897000 shares were received for the issue of 65175000 shares, while 32455000 bids were received at the cut-off price.

The company came up with a 100 percent book built issue in a price band of Rs 10-11 to raise Rs 65 crore. Book running lead managers to the issue is Arihant Capital Markets.

At present, the company operates its med spa centers under the brand name “EVOLVE”. And will be using the issue proceed to meet the capital expenditure towards establishing 55 outlets of Evolve Medspa across various cities andplaces, to meet expenses towards brand promotion and to meet the working capital requirements for running the centers.

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