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Kritika Wires Ltd IPO subscribes 96% on day 1

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Issue to close on Monday Oct 1 Kritika Wires Ltd, engaged in manufacturing of all types of Galvanized Steel Wires and Wire products, launched its initial public offer (IPO) of 48, 12,000Equity Shares of face value of Rs. 10 each for cash at a price of Rs. 32 per Equity Share, aggregating up to Rs 1539.84 lakhs, on 26 September 2018 at the NSE Emerge platform. The Issue subscribed 96% on day 1.  The issue will close on Monday October 1, 2018. The Lead Manager to the Issue is Hem Securities Limited, a leader in SME IPOs and the Registrar to the Issue is Link Intime India Private Limited.
Mr. Naresh Kumar Agarwal, Chairman and Whole Time Director,Mr. Hanuman Prasad Agarwal, Managing Directorof Kritika Wires Ltd said“The Company expects to raise Rs 15.4 crores from the IPO proceeds which will be utilized for meeting working capital requirements, general corporate and issue expenses.  Kritika Wires, which was incorporated in 2004, has been in the business of manufacturing of various types of…