Dhanus Tech IPO oversubscribed 2.65 times 2nd day

By CROW -
Source Myiris

Chennai-based Dhanus Technologies (DTL), a telecom and IT enable services provider, received 2.65 times oversubscription for its initial public offer (IPO) on the second day. The IPO received 10,150,740 bids, as against issue size of 3,835,000 shares. A total of 715,120 bids were received at cut off price.

Dhanus Technologies knock the doors of capital market via IPO route to raise fund up to Rs 1,131.32 million. It plans to float 3,835,000 shares of face value 10 each, at price band of Rs 280 to Rs 295 a share. It invited investors to subscribe to the issue up to September 12.

Incorporated in 1993, DTL commenced telecom-based services and software business in 1996. In June, 2004, it launched world prepaid calling cards product. Thereafter, DTL has build up an extensive network of dealers, agencies and direct marketing associates in India, South East Asia and West Asia. DTL has wireless license for launching FleeTrac services, aimed at the Indian logistics segment.

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