Vascon Engineers' initial public offer (IPO) of 1.08 crore shares was subscribed 1.22 times and got bids for 1.31 crore shares.

Category wise, non institutional investors portion was subscribed 3.64 times while that reserved for qualified institutional buyers by 1.12 times. However portion reserved for retail (0.62 times) and employees (0.53 times) remained undersubscribed.

The company had fixed a price band of Rs 165 to Rs 185 per equity share for the IPO which remained open for subscription from 27 to 29 January 2010.

The net issue represents around 11.95% of the post-issue capital of the company. The company intends to use Rs 115 crore of the issue proceeds for engineering, procurement and construction (EPC) contracts and realty projects. Around Rs 39.6 crore to be used for debt repayment and the balance to be used for meeting issue and corporate expenses.

Pune-based Vascon Engineers is an engineering, procurement and construction services and real estate development company.