Emaar MGF IPO subscribed 0.24 times

The Initial Public Offering of Emaar MGF Land Limited which opened for subscription on February 1, 2008 has received subscription of 0.24 times till 5:00 PM on 04 Feb 2008.

The company has come out with an IPO of 102570623 Equity Shares of Rs.10 each for cash at a price band of Rs 540 to Rs 630 through 100% book building process.

The IPO has received total bids for 24327480 equity shares against the offer of 102570623 shares. The issue has received bids for 446740 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received subscription of 0.3870 times with bids for 23819920 equity shares against the offer of 61542374 equity shares.

The Non Institutional Investors portion has received bids for 11420 shares against the offer of 10257062 equity shares resulting in a subscription of 0.0011 times.

The Retail Individual Investors (RIIs) portion has received subscription of 0.0161 times with bids for 496140 equity shares against the offer of 30771187 shares.

The issue closes for subscription on February 6, 2008.

Source : Equity Bulls

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