The Initial Public Offer (IPO) of FMCG company Jyothy Laboratories was fully subscribed on the third day of the issue. It received bids for 56.27 lakh equity shares against 44.30 lakh shares on offer, latest data available on the bourses show. The offer would close tomorrow. The portion reserved for Qualified Institrutional Investors was subscribed more than two times with Foreign Institutional Investors (FIIs) bidding for 29.93 lakh shares and domestic financial institutions subscribing 29.93 lakh equity shares, the data available on NSE show. The portion reserved for non-institutional investors and retail investors has not been fully subscribed. The price band of the issue has been fixed between Rs 620 and Rs 690 per share. The company is planning to raise about Rs 274 crore at the lower end of the band and Rs 305 crore at the higher end. Jyothy Labs has drawn up Rs 40 crore capital expenditure plan for FY08. It plans to leverage the dominant Ujala brand with other branded fabric care products, utilise its wide distribution network and marketing expertise, improve efficiency and manage costs and increase focus on supermarket and hypermarket sale.
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