SCI FPO subscribed 2.32 times on Day 3

Robust demand saw state-run Shipping Corporation of India's follow-on-public offer (FPO) subscribed 2.32 times by the end of the third day of the issue today, with total bids worth over Rs 2,756 crore registered.

The stake sale, through which the company hopes to mop-up as much as Rs 1,200 crore, received bids for 19.6 crore shares, as against 8.46 crore equities on offer, as per data available on the National Stock Exchange till 1700 hours.

The FPO of Shipping Corp, which has a market capitalisation of Rs 6,209 crore, witnessed total demand worth over Rs 2,756 crore by the end of the third day of the issue. Today was was the last date for QIBs to subscribe to the offer.

"The last day rush from QIBs saw the issue getting over- subscribed today. Also, until yesterday, the MOIL offer had kept the bidders engaged and post the company's offer, investors have shifted their focus to Shipping Corp's issue," SMC Capitals Equity Head Jagannadham Thunuguntla said.

The issue will close for retail investors tomorrow. The company has fixed a price band of Rs 135-140 a share for the FPO.

SBI Capital Markets, IDFC Capital and ICICI Securities are the book running lead managers to the issue.