New Delhi, Jan. 29 -- Malpani Pipes And Fittings IPO: The initial public offering (IPO) of Malpani Pipes And Fittings opened for subscription today, Wednesday, January 29 and will close on Friday, January 31. The company, which aims to raise Rs.25.92 crore through the SME IPO, has set a price band of Rs.85-90 per share.

Malpani Pipes And Fittings IPO was booked 2.85 times by 12 noon on Day 1. Investors bid for 55.2 lakh shares as against 19.34 lakh shares on offer. The retail portion of the public issue was subscribed 4.51 times while the Non-Institutional Investors' (NII) category received 2.85 times bids. The QIB quota was bid just 0.02 times by this period.

The company's shares in the grey market traded at a premium of Rs.28. This in...