Indiabulls IPO oversubscribed by 3.8 times

By SiliconIndia   |   Monday, 20 September 2004, 07:00 Hrs
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MUMBAI: Broking firm Indiabulls Ltd's initial public offering (IPO) has been oversubscribed by 3.88 times the issue size at the end of first day of bidding.

The offer, which opened for subscription on Monday, has received bids for about 10.57 crore shares against the issue size of 2.71 crore shares of Rs two each, according to data available with Bombay Stock Exchange at 8.00 pm.

The price band for bidding has been fixed at Rs 16-19 per share. The maximum number of bids have been placed at Rs 19 per share, the upper end of the biding band.

Within five minutes of the opening of bidding process, investors placed bids two times the issue size, investment banking sources said.

The last date for bidding is September 10.

DSP Merrill Lynch Ltd and SBI Capital Markets Ltd are book running lead managers for the issue.



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