Angel Broking's IPO subscribed 1.46 times on second day of bidding

Angel Broking's initial public offer was subscribed 1.46 times on the second day of subscription on Wednesday.

TheRs 600-crore public offer received bids for 2,00,94,459 shares against 1,37,70,491 shares on offer.

The category meant for non institutional investors was subscribed 31 per cent and that of retail individual investors 2.79 times.

The initial public offer comprises a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore.

Price range for the offer has been fixed at Rs 305-306 apiece.

Angel Broking on Monday raised nearly Rs 180 crore from anchor investors.

Proceeds of the issue will be utilised for meeting working capital requirements and for general corporate purposes.

Edelweiss Capital, ICICI Securities and SBI Capital Markets are the managers to the offer.