DQ Entertainment IPO subscribed 34.27 times

DQ Entertainment’s initial public offer (IPO) has been subscribed 34.27 times till afternoon on last day of issue today, according to information available with the NSE.
 
The animation, gaming and live action entertainment production and distribution firm proposes to raise Rs 153 crore through public issue of 16.05 million equity shares of Rs 10 each in a price band of Rs 75 to Rs 80 per share. The company plans to utilize Rs 107 crore out of the net proceeds of the issue towards funding its expansion programme.
 
Till yesterday, the Qualified Institutional Buyers (QIBs) portion was oversubscribed 6.47 times with total bids amounting to 42.7 million equity shares against 6.6 million equity shares on offer.
 
Out of the QIB portion, foreign institutional investors (FIIs) bid for 35.2 million equity shares while mutual funds have bid for 7.5 million equity shares. The domestic financial institutions that include banks, financial institutions and insurance companies did not bid for till end of the second day of the issue.
 
Earlier, the company had raised Rs 22.65 crore by allotting 2.83 million equity shares to Anchor Investors at Rs 80 per share. It also allocated 1.31 million shares to IDFC Small and Midcap Equity (SME) Fund.
 
T Rowe Price International Discovery Fund, Birla Sunlife Equity Fund, Birla Sun Life MIP II - Savings 5 Plan, Morgan Stanley A.C.E. Fund, Axis Tax Saver Fund and Axis Equity Fund were the other Anchor Investors that acquired shares in the company.