March 24, 2017 / 1:25 PM / in 4 months

Shankara Building Products up to $53 million IPO sees strong demand

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(Reuters) - India's Shankara Building Products Ltd's initial public offering (IPO) to raise up to 3.45 billion rupees ($53 million) was subscribed more than 41 times, stock exchange data showed on Friday.

The retailer of home improvement and building products received bids for 218.7 million shares against 5.3 million shares on offer, according to data available as of 1245 GMT.

The shares were being sold in a price range of 440 rupees to 460 rupees apiece.

Education services provider CL Educate Ltd's up to 2.4 billion-rupee IPO that closed on Wednesday was subscribed nearly two times.

($1 = 65.3750 Indian rupees)

Reporting By Darshana Sankararaman in Bengaluru; Editing by Biju Dwarakanath

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