REC IPO receives 2.14 times subscription on Day 1

The Initial Public Offering of Rural Electrification Corporation LIMITED has received encouraging response from investors with the IPO receiving full subscription on the first day itself. The company has received subscription of 2.14 times till 5:00 PM on 19 Feb 2008.

The company has come out with an IPO of 156120000 Equity Shares of Rs.10 each for cash at a price band of Rs 90 to Rs 105 through 100% book building process.

The IPO has received total bids for 334513620 equity shares against the offer of 156120000 shares. The issue has received bids for 2967180 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received bids for 330745740 equity shares against the offer of 91330200 equity shares resulting in a subscription of 3.6214 times.

The Non Institutional Investors portion of the issue has received subscription of 0.0357 times with bids for 542820 shares against the offer of 15221700 equity shares.

The Retail Individual Investors (RIIs) portion of the issue has received bids for 3225060 equity shares against the offer of 45665100 equity shares resulting in a subscription of 0.0706 times.

The Employee Reservation portion has received no bids against the offer of 3903000 equity shares.

The issue closes for subscription on February 22, 2008.

Source : Equity Bulls

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