New Delhi, Feb. 17 -- The initial public offering (IPO) of Royalarc Electrodes, which opened for bidding on February 14, has received a lukewarm response from investors on its second day. As of 01:30 p.m. today, the IPO had garnered bids for 619,200 shares against the available 2,006,400 shares, translating to a subscription rate of 0.31 times.

The retail investor segment was subscribed 0.57 times, while the non-institutional investor (NII) category saw a subscription of 0.11 times. Meanwhile, the qualified institutional buyer (QIB) segment had yet to commence bidding.

The company intends to utilize the proceeds from the issue for several strategic objectives, including the expansion of its manufacturing facility at Village Zaroli, Umbe...