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The initial public offering of Arunaya Organics, a specialty dyes and intermediates manufacturer, got subscribed 71 percent on April 29, the first day of bidding. The offer will close May 2.

The company approached capital markets to raise Rs 33.99 crore via public issue of 58.6 lakh shares at the upper price band. The IPO comprises of fresh issuance of 52.6 lakh shares worth Rs 30.51 crore, and an offer-for-sale of 6 lakh shares worth Rs 3.48 crore.

The price band for the offer is Rs 55-58 per share.

Investors have subscribed for 41.38 lakh shares till Tuesday via 1,493 applications, the subscription data on the NSE showed. All kind of investors participated in the issue on day 1.

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Gujarat-based Arunaya Organics , which provides chemical products to various industries including textiles, paints, plastics, mining, and food processing, intends to utilise fresh issue proceeds for setting up a new manufacturing facility at Dahej Gujarat, working capital requirements, and general corporate purposes.

Unistone Capital is the sole book running lead manager for the public issue.

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