Goenka Diamond's Rs 145-cr IPO subscribed 1.65 times on Day 1

The initial public offer (IPO) of Goenka Diamond and Jewels received a good response from non-institutional investors and was subscribed 1.65 times at the end of first day of issue today.

The Rs 145-crore IPO received bids for 1.65 crore shares against one crore equities on offer, thus getting subscribed 1.65 times, as per the data available with the National Stock Exchange (NSE).

On its opening day, the IPO was subscribed 7.36 times in the portion reserved for non-institutional investors, the NSE data shows.

The company has entered the capital market with one crore shares in the price range of Rs 135-145 per piece. The offer closes on March 26.

The company would use the proceeds to set up jewellery manufacturing and diamond processing facilities in Mumbai and expand its retail outlets pan-India.

Meanwhile, e-card services provider Intrasoft Tech's IPO, which also opened today, was subscribed 57 per cent on the first day, as per the NSE data.