Austral Coke Projects, a Gremach group company, got fully subscribed on the first day of its initial public offer on Thursday.

The issue, through which the company is planning to raise about Rs 14.22 crore, received bids for 81.77 lakh shares against 72.60 lakh shares on offer, garnering a demand of 1.13 times, according to the latest data available on the National Stock Exchange.

The price band of the issue has been fixed between Rs 164 to Rs 196, and the issue would close on August 13.

If fully subscribed at the upper end of the price band the company would raise up to Rs 14.22 crore, while at the lower level it would raise about Rs 11.90 crore.

The portion reserved for qualified institutional buyers, which included foreign institutional institutions, domestic financial institutional and mutual funds, got subscribed 1.89 times the shares on offer, while non-institutional investors received bids for 95 per cent of the shares on offer.

However, portion reserved for retail investors remained under subscribed.

Austral Coke Projects is involved in the business of manufacturing coke and refractory, apart from textile sector and providing rental of construction.

The company plans to utilise the issue proceeds for setting up a 1.50 lakh metric tonnes per annum of Low Ash Metallurgical (LAM) Coke plant and a captive power plant at Sindhudurg in Maharashtra, and for general corporate purposes.