Advanta India Ltd IPO receives 3.98 times subscription

The Initial Public Offering (IPO) of Advanta India Ltd has received subscription of 3.98 times. The company came out with an IPO in a price band of Rs.600/- to Rs.650/- through 100% book building process.

The issue opened for subscription on March 26, 2007 and closed on Friday, March 30, 2007. The company has received total bids for 13448350 equity shares against the offer of 3380000 equity shares. The company has received bids for 245040 equity shares at Cut-off Price.

Out of the issue, Qualified Institutional Buyers (QIBs) portion has received subscription of 6.4668 times with bids for 13114670 equity shares against the offer of 2028000 equity shares. The Non Institutional Investors portion has received bids for 68830 equity shares agains the offer of 338000 equity shares resulting in a subscription of 0.2036 times. The Retail Individual Investors (RIIs) portion has also received poor response with subscription of 0.2612 times with bids for just 264850 equity shares against the offer of 1014000 equity shares.

Source : Equity Bulls

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