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Interesting Articles
Bharat Dynamics Ltd IPO garners subscription of 1.30 times
Posted On : 2018-03-15 10:49:37( TIMEZONE : IST )
The Initial Public Offering (IPO) of Bharat Dynamics Ltd has evoked lukewarm response with the issue just garnering subscription of 1.30 times.
The IPO opened for subscription on March 13, 2018 and closed for subscription today i.e. March 15, 2018.
The company came out with a Initial Public offer of 22,451,953 Equity Shares of Rs 10 each at a price band of Rs 413 to Rs 428 through 100% Book Building process. The company also provided Rs 10/- Per Equity Share for Retail and Eligible Employees Category.
The issue received bids for 2,92,45,895 equity shares as against the offer of 2,24,51,953 equity shares. The issue received bids for 91,05,215 equity shares at cut-off price.
The Qualified Institutional Buyers (QIBs) portion of the issue received bids for 16500120 equity shares or 1.50 times subscription as against the offer of 10996874 equity shares. Out of the QIB portion, Domestic Financial Institutions (Banks / Financial Institutions(FIs) / Insurance Companies) subscribed for 10089625 equity shares and Mutual funds for 6408500 equity shares and other bid for 1995 equity shares.
The Non Institutional Investors portion of the issue received subscription of 0.50 times with bids for 1664985 equity shares as against the offer of 3299063 equity shares. Corporates bid for 490280 equity shares, Individuals(Other than RIIs) applied for 1167495 equity shares and other applied for 7210 shares.
The Retail Individual Investors(RIIs) portion of the issue received bids for 10889305 equity shares resulting in a subscription of 1.41 times as against the offer of 7697813 equity shares.
The Employees portion of the issue received subscription for 0.42 times with bids for 191485 equity shares against the offer of 458203 equity shares.
SBI Capital Markets Limited, IDBI Capital Markets & Securities Limited and YES Securities (India) Limited were the Book Running Lead Managers to the IPO.
SBICAP Securities Limited was the Syndicate Member to the issue.
Alankit Assignment Limited is the registrar to the company.