Raj Oil Mills Ltd, a company engaged in the business of crushing and oil filtration, has finally closed IPO for subscription on 23 July 2009.

The IPO got a decent response and subscribed 1.24 times. The company received bids for 1.17 crore shares as compared with 95 lakh shares on offer.

The IPO had opened on 20 July 2009. An official data has revealed that, the qualified institutional buyers' category has received subscription of 0.75 times, while Non institutional investors category has subscribed 3.97 times and retail individual investors category received subscription of 0.76 times.

The price Band of the issue was fixed between Rs. 100 and Rs. 120 per share. The proceeds from the proposed Issue are expected to be deployed for brand promotion, expansion of Marketing & Distribution network, for setting up various Research and Development facilities at Maharashtra, Rajasthan.

In addition, the margin money for working capital requirement and Issue Expenses will also be met out of Issue proceeds.

The equity shares of the company are proposed to be listed on BSE and NSE.