Shipping Corporation of India FPO receives 35% subscription on Day 1

The Further Public Offering (FPO) of Shipping Corporation of India Limited has received subscription of 35% with helping hand from Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies).

The FPO opened for subscription today (November 30, 2010) and received total bids for 29952800 equity shares against the offer of 84690730 equity shares resulting in a subscription of 0.35 times. The issue received bids for 396650 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received total bids for 28571400 equity shares against the offer of 42133638 equity shares resulting in a subscription of 0.68 times. Out of this, Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) subscribed for 28571400 equity shares.

The Non Institutional Investors portion of the issue received bids for 44500 equity shares against the offer of 12640091 equity shares.

The Retail Individual Investors (RIIs) portion of the issue received subscription of 0.05 times with bids for 1336250 equity shares against the offer of 29493547 equity shares. The Employee Reservation portion has received bids for 650 equity shares against the offer of 423454 equity shares.

The IPO closes for subscription on Dec 3 2010 and for QIB bidders issue closes on Dec 2, 2010.

Source : Equity Bulls

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