New Delhi, June 30 -- The initial public offering (IPO) of Gujarat-based Vandan Foods Limited, a manufacturer of refined castor oil and castor de-oiled cake, opened for subscription on June 30 and will remain open until July 2. The company aims to raise Rs.30.36 crore through a fixed-price SME issue priced at Rs.115 per share. Backed by strong fundamentals and demand from retail investors, the IPO has already seen a decent response in early bidding.

By 11:54 AM on the first day of bidding, Vandan Foods IPO had been subscribed just 0.06 times. It received bids for 1.6 lakh shares against the 25.08 lakh shares on offer. The retail investor category was subscribed 0.13 times, while the non-institutional investor (NII) portion saw no bids ti...