Tecpro Systems, Ashoka Buildcon IPOs subscribed over 15 times

The initial public offers (IPOs) of two infrastructure developers, Tecpro Systems and Ashoka Buildcon, garnered good response from investors and were oversubscribed more than 15 times by the end of issues today.

While Tecpro Systems was oversubscribed 24.37 times, the and IPO of Ashoka Buildcon generated demands 15.90 times, as per the data available with the National Stock Exchange.

Ashoka Buildcon's Rs 225-crore IPO opened on September 24 and is priced in the range of Rs 297 to Rs 324 per share.

The company is engaged in the building and operation of roads and bridges on a build, operate and transfer basis.

Enam Securities and IDFC Capital are the book running lead managers to the issue. Motilal Oswal Investment Advisors is the co-book running lead manager to the issue.

Tecpro IPO, which opened on September 23, is priced in a band of Rs 340 to Rs 355 a share. The company has entered the capital market with a Rs 268 crore issue. The firm is offering 7,550,000 shares.

Tecpro Systems (TSL) is engaged in providing turnkey solutions in material handling, ash handling, balance of plant (BoP) and engineering, procurement and construction contracts.