Sensex Slides 89.95 Pts On Bull Unloading

The order book for HCL Technologies' initial public offering (IPO) crossed Rs 10,000 crore yesterday, the last day of the book-building exercise. The issue has thus been oversubscribed by 12 to 15 times.

This is the largest single book built by a public issue. Earlier, Hughes Software Systems had garnered orders worth about Rs 6,000 crore.

According to investment banking sources, the price of HCL's offering is expected to be at the top of the band at Rs 580 per share. At this price, the issue size is expected to be approximately Rs 825 crore.

The lead book-runners to the issue were Kotak Mahindra Capital Company and ICICI Securities. JM Morgan Stanley and DSP Merrill Lynch were co-arrangers.

 

Orders for more than 67,317,000 shares were received as on November 22.

The last day saw 10.5 crore shares being added to the order book, with most of the demand coming from retail and international investors. The book was closed around midnight for the US investors.

HCL Technologies is issuing fresh equity capital of 1.42 crore shares at a face value of Rs 4 each, amounting to 10.2 per cent of its paid-up capital.

About 90 per cent of the iss