H G Infra Engineering IPO oversubscribed five times on last day of bidding

The initial public offer of H G Infra Engineering was subscribed 5 times so far on the last day of bidding today. The IPO, to raise Rs 4.62 billion, received bids for 6,02,90,505 shares against the total issue size of 1,21,37,070 shares, translating into an oversubscription of 4.97 times, data available with the NSE till 1900 hrs showed. The portion meant for qualified institutional buyers (QIBs) was subscribed 8.37 times, non institutional investors 4.97 times and retail investors 3 times, merchant banking sources said. The IPO consists of a fresh issue of up to Rs 3,000 million and an offer for sale of up to 60,00,000 shares (excluding anchor portion of 5,133,150 shares). The issue is in a price band of Rs 263-270. SBI Capital Markets and HDFC Bank are managing the company's IPO. Till yesterday, the IPO was subscribed 44 per cent. HG Infra Engineering garnered over Rs 1.38 billion from anchor investors last week. Proceeds of the IPO will be utilised towards the purchase of capital equipment, repayment of certain indebtedness, and for other general corporate purposes.