ICL Organic IPO Oversubscribed by 2.92 Times on Final Day of Bidding

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New Delhi, Delhi, India | 11th February 2020: The Initial Public Offer (IPO) of Noida-based manufacturer of dairy products firm ICL Organic Dairy Products was oversubscribed by 2.92 times on the final day of the bidding process.

With its IPO, the company has become the first start-up in FMCG Industry to be listed on SME platforms of BSE Ltd.

The IPO, which looks to raise Rs. 4.08 Cr., received bids for 59,64,000 shares against the total issue size of 20,40,000 shares as per the BSE data.
 

The category reserved for retail was subscribed by 2.59 times and other investors were filled in 3.23 times. ICL Organic Dairy Products has fixed a price band of Rs. 20 per share. The issue was closed on Tuesday. Finshore Management Services was the Lead Manager for this issue.