Mahanagar Gas IPO subscribed four times

The initial public offering (IPO) of Mahanagar Gas has garnered nearly four times oversubscription. The Rs 1,000-crore issue closes on Thursday. Institutional investor segment has been subscribed 6.44 times, high-networth individual segment has been subscribed 2.39 times and retail category has been subscribed 3.22 times.

The IPO has so far received 68 million bids as against 17.3 million on offer. The price band for the IPO is Rs 380 to Rs 421 per share. Kotak Mahindra Capital and Citigroup Global Markets are investment banks handling the IPO.