Mazagon Dock Shipbuilders’ Rs 440-crore initial public offering (IPO) saw demand of 157x against the shares on offer, making it one of the most-subscribed public offering of a state-owned company. The tiny offering generated bids worth Rs 70,000 crore, with the high networth individual (HNI) portion of the issue getting 679x subscription. The retail portion was subscribed nearly 4x, while the institutional investor category was over-bid by 90x.
The last hugely subscribed PSU IPO was that of IRCTC, last year.
The railway ticketing firm’s Rs 645-crore offering had garnered 112x subscription.
Meanwhile, the Rs 2,160-crore IPO of UTI Asset Management Company received just 2.3x subscription. The HNI portion of the IPO remained under-subscribed at 93 per cent.
Interestingly, Likhitha Infrastructure had to extend its IPO till October 7 given that it failed to garner full subscription in the institutional investor category. Overall, the offering garnered more than 8x subscription. The firm also had to lower its price band to Rs 116 from Rs 120 to attract fresh bids.
A total of eight IPOs were launched in September, cumulatively raising Rs 7,100 crore.
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