The initial public offering (IPO) of Agra-based PNC Infratech has been subscribed by over 1.5 times on the last day of the issue.
The issue received bids for over 1.39 crore shares against the 90-odd lakh shares which were on offer. The qualified institutional buyers' portion was subscribed over 4.5 times while the portion reserved for non-institutional investors was subscribed 0.65 times.
The retail investors' portion got subscribed 0.26 times. The company, which specialises in the construction of highways, bridges, flyovers and airport runways, launched its IPO last Friday with an aim to raise about Rs 488 crore from the equity markets. A total of 90,60,197 shares were offered by the company at a price band of Rs 355 to Rs 378 per share.
As per the company's offer document, the proceeds of the issue would be used for funding working capital requirements, investment in its subsidiary, investment in capital equipment, repayment or prepayment of certain indebtedness and funding expenditure for general corporate purposes.
The issue received bids for over 1.39 crore shares against the 90-odd lakh shares which were on offer. The qualified institutional buyers' portion was subscribed over 4.5 times while the portion reserved for non-institutional investors was subscribed 0.65 times.
The retail investors' portion got subscribed 0.26 times. The company, which specialises in the construction of highways, bridges, flyovers and airport runways, launched its IPO last Friday with an aim to raise about Rs 488 crore from the equity markets. A total of 90,60,197 shares were offered by the company at a price band of Rs 355 to Rs 378 per share.
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Prior to the IPO, the company had allotted about 38 lakh shares to anchor investors like Reliance Capital Trustee Company, HDFC Trustee Company, L&T Mutual Fund and Sundaram Mutual and others, collecting about Rs 146 crore at Rs 378 per share.
As per the company's offer document, the proceeds of the issue would be used for funding working capital requirements, investment in its subsidiary, investment in capital equipment, repayment or prepayment of certain indebtedness and funding expenditure for general corporate purposes.