 "Mazagon Dock IPO subscribed 157 times on third day; UTI AMC IPO 2.31 times")
Mazagon Dock Shipbuilders’ Rs 440-crore initial public offering (IPO) saw demand of 157x against the shares on offer, making it one of the most-subscribed public offering of a state-owned company. The tiny offering generated bids worth Rs 70,000 crore, with the high networth individual (HNI) portion of the issue getting 679x subscription. The retail portion was subscribed nearly 4x, while the institutional investor category was over-bid by 90x.
The last hugely subscribed PSU IPO was that of IRCTC, last year. The railway ticketing firm’s Rs 645-crore offering had garnered 112x subscription.
Meanwhile, the Rs 2,160-crore IPO of UTI Asset Management Company received just 2.3x subscription. The HNI portion of the IPO remained under-subscribed at 93 per cent.
Interestingly, Likhitha Infrastructure had to extend its IPO till October 7 given that it failed to garner full subscription in the institutional investor category. Overall, the offering garnered more than 8x subscription. The firm also had to lower its price band to Rs 116 from Rs 120 to attract fresh bids.
A total of eight IPOs were launched in September, cumulatively raising Rs 7,100 crore.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%