Mazagon Dock Shipbuilders’ Rs 440-crore initial public offering (IPO) saw 157 times more demand than shares on offer on Thursday, making it one of the most-subscribed public offering of a state-owned company.
The tiny offering generated bids worth nearly Rs 70,000 crore, with high-networth individual (HNI) portion of the issue getting subscribed 679 times. Retail portion was subscribed nearly 4 times, while institutional investor category was over-bid nearly 90 times.
The last hugely subscribed PSU IPO was that of IRCTC last year. The railway ticketing firm’s Rs 645-crore IPO garnered 112 times subscription.
Meanwhile, the Rs 2,160-crore IPO of UTI Asset Management Company was subscribed 2.3 times. The HNI portion of the IPO remained undersubscribed at 93 per cent.
Likhitha Infrastructure, however, had to extend its IPO till October 7 after it failed to garner full subscription in the institutional investor category. Overall, the IPO was subscribed more than 8 times. The company also had to lower its price band to Rs 116 - Rs 120 to attract fresh bids.
A total of 8 IPOs were launched in September, which cumulatively raised Rs 7,100 crore.
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