Mazagon IPO subscribed 7.5 times; UTI AMC mops up 80% on second day

Mazagon IPO subscribed 7.5 times; UTI AMC 80% on day two 

Mazagon Dock Shipbuilders’ Rs 440-crore initial public offering (IPO) garnered 7.5 times subscription on Wednesday, while UTI Asset Management Company’s Rs 2,160-crore issue garnered 80 per cent subscription. Likhitha Infrastructure's Rs 61-crore IPO garnered nearly three times subscription. All the three IPOs close on Wednesday.

Sumitomo Chemical OFS subscribed 2.2 times

The Rs 450-crore share sale in MNC firm Sumitomo Chemical Company was subscribed over 2.2 times. The 16.5-million share sale got bids for nearly 37 million shares from institutional investors. Through the offer for sale (OFS), Sumitomo’s Japanese promoters are divesting 3.3 per cent stake in order to comply with the 25-per cent minimum public shareholding norms. Currently, the promoter holding in the company is 78.3 per cent. The floor price for the OFS has been set at Rs 270 per share, however, most bids in the OFS came in at Rs 285 per share. Shares of Sumitomo ended at Rs 293 on Wednesday in secondary market trading. About 1.65 million shares meant for retail investors will be auctioned on Thursday. The share sale is being handled by JM Financial and Axis Capital.