Stock broking firm Indo Thai Securities' initial public offering (IPO) received lacklustre response on day one of bidding for the IPO today, 30 September 2011. The IPO received bids for just 400 shares by 16:00 IST, compared with 40 lakh shares on offer. The company has fixed IPO price band at Rs 70-84 a share. The issue will close on 5 October 2011.

The company intends to spend the IPO money for expansion and upgradation of existing branches and setting up branch network (with an outlay of Rs 2 crore), purchasing of office space for Mumbai regional office (with cost of Rs 4 crore), purchasing and setting up of office space for corporate office (with Rs 4 crore), brand building and advertising (Rs 3 crore) and augmenting long term working capital requirement (Rs 10 crore).