Mahanagar Gas IPO a top draw; oversubscribed 64.48 times

Reflecting huge investor demand, the initial share sale of country's second largest CNG retailer Mahanagar Gas was oversubscribed 64.48 times on the last day of the offer today.
The Rs 1,040 crore-IPO received bids for 1,11,84,08,550 shares against the total issue size of 1,73,46,150 shares, data available with the NSE till 1900 hrs showed.
Excluding the anchor portion worth Rs 309 crore already allocated to investors, the issue has generated demand of over Rs 47,000 crore, highest in nearly five years.
The qualified institutional buyers (QIBs) portion witnessed huge demand worth Rs 15,000 crore, highest in five years, merchant banking sources said.

Bidding in the retail segment was still on and generated demand worth Rs 32,000 crore so far, highest in five years, they added.
The company's IPO was fully covered on the first day itself.

Mahanagar Gas has mopped up Rs 309 crore from anchor investors.
The price band for the IPO has been fixed at Rs 380-421.
Mahanagar Gas, promoted by state-run GAIL and British Gas Asia Pacific Holdings, made an offer for sale of up to 24,694,500 equity shares of Rs 10 each.
British Gas and GAIL would sell up to 12,347,250 equity shares each in the IPO.
At the upper end of the price-band, the firm will garner Rs 1,039.64 crore.

The money raised through the IPO would accrue to the promoters who are selling their stake.
The IPO is being managed by Kotak Mahindra Capital Company Ltd and Citigroup Global Markets India Pvt Ltd.
Mahanagar Gas, a major distributor of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai and adjoining areas, receives gas at its stations located at Wadala, Mahape, Ambernath and Taloja through pipelines owned by GAIL.
The company's IPO hit the market after a gap of more than a month after Parag Milk Foods' offer in early May.
Earlier this year, IPO of diagnostics company Thyrocare Technologies was oversubscribed 73.46 times, while staffing firm TeamLease Services' offer was oversubscribed 66 times.