Gravita India is the main company of the Gravita Group which is placed in Jaipur and was established in the year 1992. Gravita is involved in the business of manufacturing lead metal through recycling and smelting process.The company also manufactures various other lead products.Gravita India Limited has announced that it’s shares list on November 16th.The IPO of Gravita India Limited which had closed for subscription on November 3, 2010 was oversubscribed by more than 42.88 times. The company has raised more than Rs 45 crore through the fresh issue of 36 lakh equity shares. The huge over subscription was mainly because many retail investors used the refund money got from Coal India’s IPO to apply for this issue.
The basis of allotment has been finalised and retail investors who applied for the maximum of 800 shares have been allotted 50 shares but in the proportion of 37:84 which means out of 84 applicants for 800 shares, 37 have been allotted 50 shares each.
It would be interesting to see how this share fares on listing tomorrow. The company would have a listing ceremony at the BSE tomorrow.
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