The third day of bidding for Standard Chartered Plc’s Indian depository receipts (IDRs) saw less than two million bids pouring in as the issue got subscribed only 0.11 times with Friday being the last day of bidding. The issue was subscribed 0.10 times till Wednesday.
According to the National Stock Exchange (NSE), the country’s first IDR issue has received bids for 22.34 million IDRs until 5 pm on Thursday. The offering comprises of 240 million IDRs in the price band of Rs 100 to Rs 115. Every 10 IDRs represent one share of the foreign bank that is headquartered in London and is listed on the London Stock Exchange.
Meanwhile, category-wise data showed that foreign institutional investors (FIIs) have put in bids for nearly 8.70 million IDRs. Interestingly, till Wednesday not a single bid had been submitted by FIIs while domestic financial institutions (DFIs) accounted for bids for 8.70 million IDRs. On Thursday, DFIs were shown with nil bids. Mutual funds, meanwhile, have bid for 3.67 million IDRs. Overall, the qualified institutional buyers portion has been subscribed 0.15 times.
The non-institutional investors and retail segments have been subscribed 0.15 times and 0.05 times, respectively. The IDR issue would close for subscription on May 28.