Book publisher S Chand subscribed 1.85 times a day before close

The Rs 728-crore initial public offering (IPO) of education company S Chand and Company has garnered 1.85 times subscription on Thursday, a day before close. The 7.7-million share offering has so far received bids for 14.21 million shares. The institutional investor portion was been subscribed 2.7 times, retail portion has been subscribed 2.15 times and high-net worth individual quota has been subscribed 30 per cent, provisional data provided by stock exchanges showed.

S Chand, first IPO of fiscal 2017-18, has priced the offering between Rs 660 to Rs 670 per share. The company raised Rs 219 crore from anchor investors by allotting them 3.2 million shares at Rs 670 apiece.

The IPO comprises fresh issue of equity issuance of around Rs 325 crore and secondary share sale by existing shareholders, including Everstone Capital.