Jyothy Labs to debut on the bourses today

Shares of FMCG company Jyothy Laboratories are set to make their debut on the bourses today (Dec. 19, 2007).

The company had come out with an initial public offering (IPO) of 4.43 million shares in the price of band of Rs 620 to Rs 690 a share of Rs 5 each.

Jyothy Lab`s IPO received overwhelming response with subscription of over 45 times. It received bids for 203.02 million equity shares against 4.43 million shares on offer.

The company`s IPO was open for subscription from Nov. 22 to Nov. 27, 2007.

The company will raise over Rs 3 billion at the upper price. The company plans to invest Rs 400 million on its capital expenditure for FY08. Further, it will also deploy capital on strengthening its distribution and marketing network.

Mumbai-based Jyothy Laboratories has presence in the fabric care, household insecticide, surface cleaning, personal care and air care segments. Some of the prime brands owned by the company include Ujala, Maxo, and Jeeva.

The shares of the company will be admitted to the list of `B1` group securities and will carry the scrip code - 532926.