The initial public offer of text book publisher S Chand and Company was subscribed 52% on the first day of bidding today.

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The IPO received bids for 39,80,174 shares against the total issue size of 76,85,284 shares, as per NSE data.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 60% and non institutional investors, 23%. The retail investor category was also subscribed 60%.

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The initial share sale would close on April 28. Proceeds from the issue would be utilised for repayment and prepayment of loans as well as for general corporate purposes. The loan amount includes those taken by its subsidiary for funding the acquisition of Chhaya Prakashani.

JM Financial Institutional Securities, Axis Capital and Credit Suisse Securities (India) Pvt Ltd are the merchant bankers to the offer.

Last year, the company had acquired 74% of the outstanding share capital of Chhaya Prakashani Pvt Ltd.

The company offers 53 consumer brands across knowledge products and services, including S Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor.