The initial public offer (IPO) of Servalakshmi Paper was subscribed 1.46 times by 17:00 IST on last day of the issue today, 29 April 2011. The IPO got bids for 3.24 crore shares compared with 2.22 crore shares on offer.

Servalakshmi Paper planne to raise Rs 60 crore through issue of shares in the price band of Rs 27 to Rs 29 per share.

Ratings firm ICRA had assigned grade 2 to Servalakshmi Paper IPO indicating below average fundamentals. The company plans to use the proceeds of the IPO on buying balancing equipment for producing value-added products and also augmenting working capital expenses.

Servalakshmi Paper is engaged in manufacturing printing, writing paper and newsprint.