Press Trust of India / Mumbai Dec 15, 2009, 14:39 IST
The initial public offer of DB Corp, publishers of Hindi daily Dainik Bhaskar, has received an overwhelming response from investors and got subscribed 14.60 times on the final day of the issue today.
The IPO received bids for over 21.75 crore equities (14.60 times) against 1.49 crore shares on offer for the public, latest data with the National Stock Exchange shows.
DB Corp expects to raise up to Rs 385.31 crore through its public offering. The IPO, which opened on Friday, closes today.
The firm, which publishes newspapers in three languages -—Hindi, Gujarati and English-— has entered the capital market with a total issue size of 1.81 crore shares, including 32.71 lakh equities reserved for anchor investors, in the price band of Rs 185-212 a piece.
Till second day, the issue was subscribed 4.46 times in the qualified institutional buyers category. Non institutional investors had bid for 13.4 lakh shares (73 per cent)against 18.1 lakh equities reserved for them, NSE data shows.
The issue will constitute about 10 per cent of the fully diluted post-issue capital of the company.
The company intends to utilise the IPO proceeds for the expansion of its presence in new markets and repaying debts.
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