Shipping Corporation of India FPO struggling to get subscription

The Futher Public Offering (FPO) of Shipping Corporation of India Limited has evoked lukewarm response from all specturm of investors. The FPO which opened for subscription on November 30, 2010 closes for subscription by QIBs today - December 2, 2010.

The FPO has received subscription of just 0.52 times till 1:00 PM on December 2, 2010. The issue has received total bids for 44111500 equity shares against the offer of 84690730 equity shares. The issue has received bids for 2319850 equity shares at cut-off price.

Even under QIBs portion, the issue has received subscription only from Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies).

Whereas, andother PSU MOIL Limited whose IPO closes for subscription on December 1, 2010 has evoked huge response from all spectrum of investors with the issue garnering subscription of 56.43 times. The retail portion received subscription of 32.86 times, Non Institutional Investors portion was subscribed 143.30 times and QIBs portion was subscribed 49.16 times.

The Shipping Corporation of India Limited stock was trading at Rs.145.75, up by Rs.1.35 or 0.93%. The stock hit an intraday high of Rs.149.40 and low of Rs.144.50. The total traded quanity was 3.35 lakhs as compared to 1.12 lakhs.

The FPO closes for subscription by other investors on Friday - December 3, 2010. The retail individual investors and employees are offered a discount of 5% from the final issue price.

Source : Equity Bulls

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