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Loha Ispaat lowers price band for its IPO

20 Mar 2014 Evaluate

Steel producer Loha Ispaat has lowered the price band for its initial public offering (IPO) between Rs 74 and Rs 77 per share, down from the earlier range of Rs 77 and Rs 80 apiece as it struggles to garner full subscription. As on March 19, 2014, Loha Ispat’s IPO had received just 20% subscription.

Moreover, the company has extended the issue closing date. The around Rs 200 crore-IPO, which was supposed to close today, will now remain open till March 25.

Loha Ispaat will raise around Rs 198 crore at the lower end of the price band and Rs 205 crore at the upper end. Aryaman Financial Services is the lead manager for the IPO.

Peers
Company Name CMP
Tata Steel 213.85
JSW Steel 1260.05
SAIL 188.75
Jindal Stainless 777.30
APL Apollo Tubes 1882.25
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