V-Guard IPO receives 2.70 times subscription

The Initial Public Offering of V-Guard Industries Limited which opened for subscription on February 18, 2008 has received subscription of 2.70 times till 6:15 PM on 21 Feb 2008.

The company has come out with an IPO of 8000000 Equity Shares of Rs.10 each for cash at a price band of Rs 80 to Rs 85 through 100% book building process.

The IPO has received total bids for 21572400 equity shares against the offer of 8000000 shares. The issue has received bids for 9384480 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received bids for 6619520 equity shares against the offer of 3800000 equity shares resulting in a subscription of 1.7420 times.

The Non Institutional Investors portion of the issue has received subscription of 2.9155 times with bids for 3323680 shares against the offer of 1140000 equity shares.

The Retail Individual Investors (RIIs) portion of the issue has received bids for 11286240 equity shares against the offer of 2660000 equity shares resulting in a subscription of 4.2429 times.

The Employee Reservation portion has received bids for 342960 equity shares against the offer of 400000 equity shares resulting in a subscription of 0.8574 times.

The IPO closes for subscription on February 21, 2008.

Source : Equity Bulls

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