Ashoka Buildcon likely to fix IPO issue price at Rs 324/share

Infrastructure developer Ashoka Buildcon is likely to fix the issue price of its IPO, which closed on September 28, at Rs 324 per share, the upper end of the price range.

"The issue price for the IPO will be fixed at Rs 324 per share," a merchant banker involved in the issue said.

The Rs 225 crore initial public offer of Ashoka Buildcon was oversubscribed 15.94 times, with the maximum bids coming from non-institutional investors. The issue was open between September 24 and September 28.
    
The company is engaged in the building and operation of roads and bridges on a build, operate and transfer basis and had come out with an IPO priced in the range of Rs 297 to Rs 324 per share.
    
Ashoka Buildcon had raised Rs 40.3 crore one day prior to the opening of the IPO by allotting 12,43,750 shares to anchor investors at a price of Rs 324, the upper end of the price band.
    
The anchor investors include DSP Blackrock, Reliance Life Insurance, AIG Global, Axis MF, Citigroup and JM Financial MF.
    
Enam Securities and IDFC Capital are the book running lead managers to the issue. Motilal Oswal Investment Advisors is the co-book running lead manager to the issue.