Drawing bids over Rs 730 cr by Prevest DenPro IPO unprecedented: MD

Excelsior Correspondent
JAMMU, Sept 19: Initial Public Offer (IPO) of Prevest DenPro, the 1st dental materials manufacturing company of India, drew bids worth more than Rs 730 crore which is unprecedented in the history of Bombay Stock Exchange (BSE) SME IPOs.
This was stated by Atul Modi, Managing Director of the Prevest DenPro. He said IPO of the Company was subscribed over 38 times with overwhelming bids coming from Qualified Institutional Investors, Non Institutional Investors and Retail Investors.
“While QIB portion was subscribed 5.78 times, Non Institutional Investors portion 106.64 times and Retail portion 32.87 times, Market Maker portion and Anchor Investor portion was subscribed 1.0 time,” he informed.
The MD said that the Company has a successful track record of manufacturing dental materials with consistent growth in the top line and bottom line. He said now the Company has set ambitious growth plans and will utilize the net proceeds from the IPO to partially fund expansion and diversification while a large portion of the fund is reserved for setting up R&D Center.
“The Company had consistent growth in the past few years and after completion of the expansion and diversification, the anticipated growth is much faster with a considerable increase in the top line and bottom line,” said Namrata Modi, Wholetime Director and CFO of Prevest DenPro.