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Bajaj Corp IPO oversubscribed 10.53 times
By siliconindia
|
Thursday, 05 August 2010, 22:08 IST |
1 Comments
Bangalore: Bajaj Corp's 
297 crore initial public offer (IPO) was oversubscribed 10.53 times at the end of third day of issue. The IPO, with price band 630-660 per share, received total bids for 3.88 crore shares against 36.9 lakh equities on offer for subscription.
The issue was oversubscribed 20.19 times in the portion blocked for qualified institutional buyers (QIBs). Wednesday was the last day of bidding for QIBs. The IPO closes tomorrow for retail and non-institutional bidders.
Bajaj Corp has come out with the issue of 45 lakh shares, including shares reserved for anchor investors, in the price range of 630-660 a share. According to NSE data, the issue remained under-subscribed in the portions reserved for HNIs (39 percent) and retail (40 percent) till today.
The objective of the issue is to promote future products and acquisitions and other strategic initiatives. Total estimated expenditure for these objects are 220 crore and 50 crore, respectively.
Bajaj Corp, which reported operating revenues of 2,080 million in 9MFY10, is the second largest company in the Shishir Bajaj Group of companies.
Kotak Mahindra Capital Company is the sole book running lead manager to the issue.
297 crore initial public offer (IPO) was oversubscribed 10.53 times at the end of third day of issue. The IPO, with price band 630-660 per share, received total bids for 3.88 crore shares against 36.9 lakh equities on offer for subscription.
The issue was oversubscribed 20.19 times in the portion blocked for qualified institutional buyers (QIBs). Wednesday was the last day of bidding for QIBs. The IPO closes tomorrow for retail and non-institutional bidders.
Bajaj Corp has come out with the issue of 45 lakh shares, including shares reserved for anchor investors, in the price range of 630-660 a share. According to NSE data, the issue remained under-subscribed in the portions reserved for HNIs (39 percent) and retail (40 percent) till today.
The objective of the issue is to promote future products and acquisitions and other strategic initiatives. Total estimated expenditure for these objects are 220 crore and 50 crore, respectively.
Bajaj Corp, which reported operating revenues of 2,080 million in 9MFY10, is the second largest company in the Shishir Bajaj Group of companies.
Kotak Mahindra Capital Company is the sole book running lead manager to the issue.
