India-based Packaging firm, Midfield Industries has fixed 4 August 2010 as a listing date for its equity shares, which issued recently via public issue. The issue price was fixed at $2.88 per share, at higher end of price band of $2.73- 2.88.
The company provides packaging consumables like high tensile steel strapping in various dimensions and strengths, different seals for different applications, collated nails & corner boards being used for general and the end of line packaging of goods by varied industries. It also provides comprehensive end-to-end packaging solutions.
Currently, the company caters to companies across wide spectrum of industries like steel, aluminium, glass, copper, paper, automobile, white goods and refractory etc.
Midfield has raised approximately $13m through this issue, which was subscribed 12.92 times. The issue was opened for subscription during 19-21 July 2010. Non-institutional investors’ reserved portion got subscribed 48.41 times. Qualified institutional and retail investors’ portion subscribed 1.86 times and 13.51 times, respectively.
These issue proceeds will be used for expansion of capacities at the existing plants; setting up new facilities and augmenting long term working capital requirement of the company.