CL Educate Limited receives subscription of 1.90 times

The Initial Public Offering (IPO) of CL Educate Limited received subscription of 1.90 times. The IPO received subscription for 6334992 equity shares against the offer of 3332000 equity shares.

The company came out with an Initial Public offer of Upto 4,760,000 Equity Shares (including anchor portion of 1,428,000 Equity Shares) at a price band of Rs. 500 to Rs. 502. The issue opened for subscription on 20-Mar-2017 and closed for subscription on 22-Mar-2017.

The Qualified Institutional Buyers (QIBs) portion of the issue has received subscription for 3470778 equity shares against the offer of 952000 equity shares resulting in a subscription of 3.65 times. In QIB portion, Foreign Institutional Investors (FIIs) applied for 1399134 equity shares, Domestic Financial Institutions (Banks / Financial Institutions(FIs) / Insurance Companies) applied for 1089443 equity shares and Mutual funds for 982201 equity shares.

The Non Institutional Investors portion of the issue got under subscribed with subscription of just 0.21 times or 150655 equity shares agianst the offer of 714000 equity shares. Out of the above, Corporates applied for 23809 equity shares and Individuals (Other than RIIs) applied for 126846 equity shares.

The Retail Individual Investors(RIIs) portion of the issue received subscription of 1.63 times with applications for 2713559 equity shares against the offer of 1666000 equity shares. 2295437 equity shares were applied at cut off price and 418122 equity shares were applied in price bids.

Kotak Mahindra Capital Company Limited was the Book Running Lead Manager to the issue and Kotak Securities Limited was the Syndicate Member. Karvy Computershare Private Limited is the registrar to the company.

Source : Equity Bulls

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