New Delhi, May 28 -- The initial public offering (IPO) of textile manufacturer N R Vandana Tex Industries Limited opened for subscription on Wednesday, May 28, and will remain so till Friday, May 30. The Rs.28 crore SME IPO is entirely a fresh issue of nearly 62 lakh shares. The company intends to use the net proceeds from the issue to fund its working capital requirements, payment of some borrowings and for general corporate purposes.

By 11:30 AM on Wednesday, the first day of subscription, 43 per cent of the issue had been subscribed. The segment reserved for non-institutional investors (NIIs) had been subscribed to over two times. However, the segments of retail and qualified institutional buyers had not seen any subscriptions until t...