Kiri Dyes IPO subscribed 1.43 times

MUMBAI (Reuters) - Kiri Dyes and Chemicals Ltd's 3.75-million-share initial public sale closed on Wednesday with subscriptions for about 1.43 times the shares on offer.

Most of the bids were received at the top-end of the price band, at 150 rupees, bankers said. At this price, the company will raise a maximum of 562.5 million rupees. The issue price is expected to be decided on Thursday.

Ahmedabad-based Kiri is raising the money to set up a new unit producing sulphuric acid and oleum, to ensure raw material supplies for its dyes intermediates. The company exports half its produce to Korea, Turkey, Taiwan and U.S.

Subsciptions by qualified institutional buyers were about 0.78 times and by non-institutional investors were 1.36 times. Retail investors bid for 2.38 times the shares on offer for the segment, data from the NSE web site showed.

Centrum Capital was the book running lead manager to the issue.