The second day of bidding for Standard Chartered Plc’s Indian Depository Receipts (IDRs) saw the issue being subscribed a mere 0.10 times with not a single bid coming from foreign institutional investors (FIIs).
According to the National Stock Exchange , bids were received for 20.77 million IDRs until 5 pm on Wednesday. The issue comprises a total of 240 million IDRs in the price band of Rs 100 to 115. The first day of bidding saw the issue getting subscribed 0.05 times.
Meanwhile, categorywise data clearly show FIIs have chosen to stay away from the issue. Almost all of the FII bids are expected to pour in on the last day, since they have to pay 100 per cent upfront margin. The qualified institutional buyers portion has been subscribed 0.15 times with bids for 12.61 million IDRs pouring in.
While domestic financial institutions have put in bids for 8.70 million IDRs, mutual funds have bid for 3.67 million IDRs till the second day.
Stock exchange data further show non-institutional and retail portions have been subscribed 0.14 times and 0.02 times, respectively.
The IDR issue - India’s first - would close on May 28.
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