New Delhi, Dec. 4 -- Ravelcare IPO share allotment is expected to be finalised today, i.e., Thursday, December 4. The SME IPO, which opened for public subscription on Monday, December 1, and concluded on Wednesday, December 3, saw a strong overall subscription of 438 times, with the retail portion booked 463 times.

The IPO was entirely a fresh issue of 18,54,000 shares to raise Rs.24.10 crore, priced at Rs.123 to Rs.130 per share.

The company intends to use the net proceeds from the issue for the setting up of a new manufacturing facility at Mauje-Peth in Amravati, marketing and advertising, and for general corporate purposes.

Marwadi Chandarana Intermediaries Brokers Private Limited was the book-running lead manager of the issue, whil...