MUMBAI: The initial public offer (IPO) of Angel Broking, the first offer from Indian stock broking firm in two and half years, subscribed nearly four times on the final day of offer on Thursday. The issue was able to attract bids for 2.52 crore shares compared to the issue size of 1.38 crore shares.
The portion reserved for retail investors was subscribed 4.27 times while the high net-worth investors portion subscribed 0.67 times. Qualified institutional buyers (QIB) portion subscribed 5.73 times. The broking firm on Monday raised Rs 180 crore by allotting 58.82 lakh shares to 12 anchor investors.
The Angel's IPO which was opened on Tuesday for subscription comprises fresh issuance of shares worth Rs 300 crore and offer for sale of Rs 300 crore by promoters and other shareholders. The offer was priced at a range of Rs 305-306 a share. The proceeds of the offer would be utilised for meeting working capital requirements and for general corporate purposes.
The grey market premium for Angel Broking IPO fell to Rs 15 per share from Rs 45 on Tuesday as selloff in the secondary market intensified.
The previous IPO from stock broking firm ICICI Securitas could only manage 78 per cent subscription in March 2018 and as result the IPO size was reduced from Rs 4017 crore to Rs 3500 crore. Shares of ICICI Securities are currently trading at Rs 467 compared to IPO price of Rs 520 per share. At upper price band, Angel Broking is valued at a PE of 28.8 compared to ICICI securities PE of 24.
On Wednesday, Computer Age Management Services' (CAMS) Rs 2,242 crore IPO attracted nearly 47 times bids on the final day of the bidding process. The Rs 318 crore IPO of Chemcon Speciality Chemicals which was also concluded on Wednesday subscribed 147 times.
The portion reserved for retail investors was subscribed 4.27 times while the high net-worth investors portion subscribed 0.67 times. Qualified institutional buyers (QIB) portion subscribed 5.73 times. The broking firm on Monday raised Rs 180 crore by allotting 58.82 lakh shares to 12 anchor investors.
The Angel's IPO which was opened on Tuesday for subscription comprises fresh issuance of shares worth Rs 300 crore and offer for sale of Rs 300 crore by promoters and other shareholders. The offer was priced at a range of Rs 305-306 a share. The proceeds of the offer would be utilised for meeting working capital requirements and for general corporate purposes.
The grey market premium for Angel Broking IPO fell to Rs 15 per share from Rs 45 on Tuesday as selloff in the secondary market intensified.
The previous IPO from stock broking firm ICICI Securitas could only manage 78 per cent subscription in March 2018 and as result the IPO size was reduced from Rs 4017 crore to Rs 3500 crore. Shares of ICICI Securities are currently trading at Rs 467 compared to IPO price of Rs 520 per share. At upper price band, Angel Broking is valued at a PE of 28.8 compared to ICICI securities PE of 24.
On Wednesday, Computer Age Management Services' (CAMS) Rs 2,242 crore IPO attracted nearly 47 times bids on the final day of the bidding process. The Rs 318 crore IPO of Chemcon Speciality Chemicals which was also concluded on Wednesday subscribed 147 times.