Vaswani Industries Limited which had tapped the capital markets with its IPO for 1 crore shares in a price band of Rs 45-49 was fully subscribed. HNI’s and retail have subscribed to the issue while the response from QIB’s was fairly muted and a mere 16% of the QIB quota was subscribed. The overall issue was subscribed 4.16 times.
The details of the subscription level in various categories are given below: –

It may be mentioned here that the objects of the issue are for repayment of term loans and working capital purposes. There would be no addition of assets which would add to either the top line or the bottom line. The issue has received very poor response from QIB’s. It is widely believed that there would be speculative interest post listing and therefore the share has received such subscription from HNI’s and retail.

I believe the share does not warrant or merit attention.