Renol Polychem IPO, July 31 -- The initial public offering (IPO) of Renol Polychem opened for subscription on Thursday, July 31. The issue saw a solid response on the first day of the bidding itself. The Rs.25.77 crore SME issue will close for subscription on August 4.

Renol Polychem IPO price band has been fixed at Rs.100-105 per share. The issue lot size has been fixed at 1,200 shares. Retail investors need to apply for a minimum of two lots, requiring a minimum investment of Rs.2.40 lakh.

Since the IPO is entirely a fresh issue of 24.54 lakh shares, all the proceeds raised will go to the company. The company plans to use the funds raised for funding capital expenditure, repayment of borrowings, meeting working capital needs and gener...