Mishra Dhatu Nigam Rs 4.4-billion offer subscribed 26% on Day One

The Rs 4.4-billion maiden offer of Mishra Dhatu Nigam (Midhani), a government-owned metal manufacturer, was subscribed 26 per cent on the first day of issue on Wednesday. While the institutional investor portion subscribed 46 per cent, that of retail investors subscribed 11 per cent. The Centre is divesting a 26 per cent stake through the IPO. The price band is set at Rs 87-90 apiece. At the upper price band, Midhani will be valued at Rs 16.86 billion.