The initial public offering (IPO) of Shankara Building Products, an organised retailer of home improvement and building products, was subscribed by 2.49 times on the second day of the issue, with investors bidding for 1.31 crore shares against the 52.94 lakh shares on offer. The company has priced its IPO aimed at raising Rs 345 crore between Rs440 and Rs 460 per share. The issue received bids for 11.44 lakh shares from qualified institutional buyers against 15.22 lakh shares reserved for them. High-net-worth individuals bid for 5.58 lakh shares against 11.31 lakh shares reserved for them bidding 0.49 times. Retail investors bid for nearly 4.35 times or 1.14 crore shares of the 26.40 lakh shares reserved.

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Shankara Building Products on Tuesday raised Rs 103.5 crore ahead of its initial public offering (IPO). The company sold more than 22.50 lakh shares to 16 anchor investors.

The offer consists of a fresh issue of shares worth R45 crore and an offer for sale of 65.21 lakh shares. The company plans to use the net proceeds from the fresh issue portion for the repayment of loans and general corporate purposes. The company will not receive any money from the offer for sale.

For the year ended March 31, 2016, the company posted a net profit of R41.32 crore, against R22.57 crore in the previous year.