Khadim India’s IPO Subscribed 0.62 Times On The Second Day Of Bidding

Final Day Subscription (As Of 5 p.m.)

• Qualified institutional buyers: 0.09 times
• Non-institutional bidders: 0.03 times
• Retail investors: 0.84 times
• Employees: Nil
• Overall: 0.62 times

Footwear maker and retailer Khadim India Ltd.'s Rs 543-crore initial public offering was subscribed 0.62 times on the second day of bidding.

The highest demand came from retail investors, who bid for 0.84 times the number of shares on offer, according to data shared by Axis Capital as of 5 pm. The demand from institutional bidders was muted with bids coming in for 0.09 times the number of shares allotted. Shares reserved for non-institutional investors was subscribed 0.03 times while no bids were received for the employees quota.

Also Read: Here's All You Need To Know About The Khadim India IPO

Ahead of the IPO, the Kolkata-based company raised Rs 157.5 crore by selling shares to institutional investors as part of its anchor book allocation. Shares were allocated to 13 anchor investors at the upper end of the price band at Rs 750 apiece.

The company plans to raise Rs 543 crore by offering 72.4 lakh shares at Rs 745-750 apiece. Bulk of the proceeds will come from an offer for sale by Fairwinds Trustees Services Pvt Ltd., part of the Reliance Alternative Investments Fund, and promoter Siddhartha Roy Burman.

Khadim is the second largest footwear brand by exclusive retail stores in India after Bata India Ltd. The company runs most of its stores as franchises and doesn't necessarily own them. It operated 853 Khadim's branded exclusive retail stores, of which 80 percent were franchises as of June 30.

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