Microsec Financial Services' IPO has received a good response from investors and was subscribed 1.12 times within hours of its opening today.
The initial public offer, through which the non-banking financial company expects to mop up as much as Rs 147.5 crore, received bids for over 1.40 crore shares till 1400 hours, compared to 1.25 crore equities on offer for subscription, as per data from the National Stock Exchange.
The company entered the capital market with its IPO priced in the range of Rs 113 to Rs 118 per share. The issue closes on September 21.
The company is engaged in the business of retail broking and investment management services in India. MFSL also offers loans against shares to its clients.
As of March 31, 2010, MFSL had 72 clients in the loans against shares business and outstanding loans stood at Rs 30.51 crore.
SBI Capital Markets is the sole book running lead manager to the issue.
