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JSW Energy IPO fails to attract retail investors
By SiliconIndia | Thursday, 10 December 2009, 02:10 Hrs |
8 Comments
Mumbai: Retail investors stayed aloof from the JSW Energy initial public offering (IPO) despite the discount of 
5 on the issue price. The issue has been fully subscribed.
According to data available on the exchanges, the retail portion was subscribed only 0.4 times. The price band for the 2,700-crore issue was fixed at 100-115, reports Business Line. Merchant bankers close to the issue said that retail investors are still apprehensive about IPOs, especially those from the power sector. "All the power sector IPOs of 2009 are trading at a discount to their issue prices. Due to this retail investors were wary of this issue too," said a merchant banker.
The JSW Energy IPO, which closed on Wednesday, was subscribed 1.67 times. Investors subscribed to 38.04 crore shares against the 22.7 crore on offer. The qualified institutional buyer portion was subscribed 2.88 times and the high net worth investor portion was subscribed 0.15 times. The issue had seven anchor investors who brought in 464 crore (for 4.2 crore shares).
The year's biggest IPO was by the Government-run NHPC. The company's 6,038-crore issue was subscribed 23.62 times - retail portion 3.1 times. But NHPC's share price is now at a 6.5 percent discount to its issue price of 36.
5 on the issue price. The issue has been fully subscribed.According to data available on the exchanges, the retail portion was subscribed only 0.4 times. The price band for the
2,700-crore issue was fixed at 100-115, reports Business Line. Merchant bankers close to the issue said that retail investors are still apprehensive about IPOs, especially those from the power sector. "All the power sector IPOs of 2009 are trading at a discount to their issue prices. Due to this retail investors were wary of this issue too," said a merchant banker.The JSW Energy IPO, which closed on Wednesday, was subscribed 1.67 times. Investors subscribed to 38.04 crore shares against the 22.7 crore on offer. The qualified institutional buyer portion was subscribed 2.88 times and the high net worth investor portion was subscribed 0.15 times. The issue had seven anchor investors who brought in
464 crore (for 4.2 crore shares).The year's biggest IPO was by the Government-run NHPC. The company's
6,038-crore issue was subscribed 23.62 times - retail portion 3.1 times. But NHPC's share price is now at a 6.5 percent discount to its issue price of 36.
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Reader's comments(8)
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Looks like the power IPOs are losing out on something that the market wants..
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- 10 Dec, 2009
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may just that investors not inclined towards long term investment during these time of cash cruch ... and power ipos are generally long term commitment ...
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- 10 Dec, 2009
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