Birla Pacific Medspa Limited which had tapped the capital markets with its IPO in a price band of Rs 10-11 was subscribed. The company would be raising Rs 6517.50 lakhs. The issue was open from Monday the 20th of June and closed on Thursday the 23rd of June. The issue was subscribed 1.18 times overall with the QIB portion just about subscribed, the HNI portion undersubscribed and the retail portion subscribed about 1.82 times. The institutional bids have come at the lower end of the price band of Rs 10 and that would be the issue price as the book would remain undersubscribed at the upper end.
The details of the subscription level in various categories are given below: –
| Category | Shares Offered | Shares Subscribed | Times |
| QIB | 32587500 | 33812000 | 1.04 |
| NII | 9776250 | 1614000 | 0.17 |
| Retail | 22811250 | 41436500 | 1.82 |
| Overall | 65175000 | 76862500 | 1.18 |
This was an issue where the company is not making profits, hence the QIB portion being subscribed was mandatory. The company runs five med-spas in Mumbai and has two franchisee operated spas in Thane and Chennai. The objects of the issue are primarily to expand the spas from the present 5 plus two by more than 50 in the coming two to three years.
