 "An investor fills an IPO form")
The Initial Public Offering (IPO) of Sadbhav Infrastr-ucture Projects was subscribed 2.2 times by the final day on Wednesday. Bids came for 63.3 million shares against a total issue size of 28.5 mn.
The institutional investor category was subscribed 3.1 times. The high net worth individual segment and the category meant for retail investors were subscribed around 1.6 times.
ALSO READ: Sadbhav raises Rs 210 cr from anchor investors ahead of IPO
Ahead of its IPO, the company had raised Rs 210 crore from anchor investors HDFC Mutual Fund, Tata MF, Nomura MF, Morgan Stanley, Amansa, Tata AIA Life and SBI MF. The firm had allotted 20.4 mn equity shares at a price of Rs 103 to these investors. The price band of the Rs 425-crore issue was fixed between Rs 100 and Rs 103 an equity share.
The success of the issue came a day after Prabhat Dairy’s IPO failed to garner full subscription and decided to extend the issue closure by three days, cutting the price band to Rs 115-126 from Rs 140-147 a share. Last week, the IPOs of Shree Pushkar Chemicals and Fertilisers, Pennar Engineered Building Systems and Navkar Corporation managed to get oversubscribed, amid sustained volatility in the market.
The BSE Sensex has shed one per cent in the past five sessions. The Sadbhav issue was managed by Kotak Mahindra Capital, Edelweiss Financial Services, ICICI Securities, Macquarie Capital Securities and Inga Capital.
