Mahanagar Gas IPO gets full subscription on Day 1

Mahanagar Gas IPO was fully subscribed on Day 1, with the bulk of the bids coming from the qualified institutional investors (QIB). The 17.1-million share IPO garnered bids for 18.8 million shares, or 1.1 times the shares on offer. The QIB portion was subscribed  nearly two times, the high net worth individual segment was subscribed 20 per cent and retail portion was subscribed a little over one time.  

The Rs 1,040-crore IPO of the natural gas distribution company is priced between Rs 380 and Rs 421. On Monday, Mahanagar Gas had raised Rs 309 crore from nearly two dozen anchor investors.The IPO will remain open till Thursday.