BPPL Holdings IPO oversubscribed

BPPL Holdings (BPPL) announced yesterday that its Initial Public Offering (IPO) of 30.7 million shares at an issue price of Rs. 12 was oversubscribed and that the issue closed at 4.30 p.m. yesterday.

One of the largest backwardly integrated brush manufacturers not only locally but in Southeast Asia, the BPPL offered a 10% stake via the IPO, the first by an export firm in three years. Many brokers had recommended the IPO on the basis that the price and prospects were very attractive.