Religare IPO subscribed over 160 times

BIG BANG IN THE PRIMARY MARKET

The initial public offer (IPO) of Delhi-based Religare Enterprises received an overwhelming response as the issue was subscribed by 159.95 times on the last day of the offer today.

The qualified institutional bidders (QIB) segment was subscribed 46.23 times, according to the NSE website at the time of going to the press.

The high networth investors (HNI) portion was subscribed 2.45 times and the retail portion was subscribed 13.38 times.

The company had set a price band of Rs 160-185. The company is offering 75.76 lakh shares and will raise Rs140 crore at the upper end of the price band.

Religare Enterprises is the holding company for all its businesses "" Religare Securities, Religare Wealth Management Services, Religare Capital Markets and Religare Insurance Broking, among others.

Enam Financial Consultants and Citigroup were the merchant bankers to the issue. The IPO by Religare Enterprises, founded by Ranbaxy Labs' promoters, is the latest firm to hit the markets from the brokerage-cum-financial services industry.

Earlier, Motilal Oswal Financial Services received similar response for its IPO, which had a spectacular listing on the bourses.