Investors snapped up the initial public offer from Man Infraconstruction as hot cakes by subscribing it 62.33 times at the end of the offer today, making it the most successful issue so far in the year.
The issue received total bids for over 29 crore shares against 46.53 lakh shares on offer at the end of the IPO--or got subscribed 62.33 times, generating demand for as many as Rs 7,308 crore worth of shares instead of the Rs 141.75-crore the company was targeting, as per the NSE data.
Man Infra has entered the primary markets with an issue size of 56.25 lakh shares in the price band of Rs 243-252, expecting to mop up Rs 141.75 crore at the upper price band.
The IPO, which opened on February 18, was subscribed 3 times on the first day and 6.87 times on the second day. Significantly, there'ss strong support from both institutional as well as non-institutional investors to the issue.
The Mumbai-based Man Infra provides construction services for ports, roads besides undertaking residential, industrial, commercial projects.
Early this year, the Rs 1,500-crore IPO of realty developer DB Realty was subscribed nearly 3 times, whereas the Rs 329-crore offer from Jubilant Foodworks, that runs the fast-food chain Dominos Pizza in the country, was subscribed 31 times.
On the other hand the just-concluded, Rs 45-crore IPO of pipe manufacturer Texmo Pipes & Products was subscribed 7.48 times.
