 "Power Mech IPO subscribed 38 times")
The Rs 270 crore-IPO of Power Mech Projects saw 38 times more demand than shares on offer. The nearly 3 million share-offering saw bids for nearly 114 million shares.
The institutional investor category was subscribed 27 times, high networth individual segment saw a whopping 133 times subscription. The category meant for retail investors was subscribed around three times.
Ahead of its IPO, the company had raised Rs 82 crore from anchor investors, which included DSP BlackRock, SBI Mutual Fund and IDFC Mutual Fund. Power Mech had fixed a price band of Rs 615 and Rs 640 per equity share for its IPO.
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