Despite choppy markets, share sales worth Rs 70 billion get lapped up

The new fund offer of Bharat-22 ETF, in which the govt offloaded its stake in 22 companies, was subscribed more than two times, sources said

New share sales worth over Rs 70 billion were registered on Friday, signaling strong investor appetite for quality primary stocks despite volatility in the market. 

The new fund offer (NFO) of Bharat-22 ETF, in which the government offloaded its stake in 22 companies, was subscribed more than two times, sources said. 

Meanwhile, the Rs 4.6-billion initial public offering (IPO) of state-owned engineering company RITES saw 66 times oversubscription, generating demand worth Rs 306 billion.

Also, the Rs 6-billion IPO of specialty Fine Organics Industries was subscribed nearly nine times. Put together, the three share sales mopped up nearly Rs 71 billion. Good demand