Shankara Building Products IPO fully subscribed on Day 2

Shankara Building Products Limited's (SBPL) IPO have been fully subscribed on its second day of issue. 

Data available at NSE showed, the IPO received bids for 53,02,400 shares against the total issue size of 52,94,467 shares till 1200 hours.

Investors are still bidding as second day of issue is yet to close. 

During first day of its issue, SBPL IPO received 51% bid of total equity shares offered. 

SBPL entered Indian markets by through the way of IPO. The issue got open on March 22, 2017 and will available till March 24, 2017.

The company plans to raise Rs 345 crore (including both fresh issue and OFS). Price band has been fixed at lower band of Rs 440 per piece and upper band of Rs 460 per piece.

Book running lead managers (BRLM) for SBPL IPO are IDFC Bank, Equirus Capital Private Limited and HDFC Bank.

Proceeds from this IPO is expected to be utilised for repayment or pre-payment of loans and general corporate purposes, it said.