New Delhi, Nov. 7 -- The initial public offering (IPO) of Shining Tools, which opened for bidding today, November 07, received a tepid response from investors, with the issue subscribed at 50% on Day 1.

The retail portion was booked at 63%, while Non-Institutional Investors (NIIs) subscribed at 35%. The company aims to raise Rs.17 crore from the issue, which is entirely a fresh issue of 0.15 crore shares.

The minimum and maximum limit for retail investors has been fixed at 2 lots, consisting of 2,400 shares, which requires an investment of Rs.2.73 lakh. For HNIs, the minimum and maximum lot was fixed at 3 lots, which requires an investment of Rs.4.10 lakh.

The company proposes to use the proceeds from the issue towards the purchase and...