Niraj Cement & Structurals IPO 0.30 times subscribed

Thebullishtrends: Niraj Cement and Structurals an engineering and construction company IPO opened yesterday subscribed olny 0.30 times on the second day. Niraj Cement and Structurals Ltd offers 32,50,000 shares with a price band of Rs.175-190 of Rs.10 each. IPO will close on 30th May'08. As per the market information some of the big heads are going to involve in this IPO listing, hence it may give listing gains but the overall IPO fundamentals are not good.