Asahi Songwon Colors Limited IPO receives 1.85 times subscription

The Initial Public Offering (IPO) of Asahi Songwon Colors Limited has received subscription of 1.85 times. The issue opened for subscription on May 09, 2007 and closed on May 15, 2007.

The company issued shares in the price band of Rs.90/- to Rs.108/- The issue received total bids of 6880800 equity shares compared to total issue size of 3722222 shares. The company also received bids for 442740 shares at cut-off price.

The issue romped home due to the support from Qualified Institutional Buyers (QIBs) . The Qualified Institutional Buyers (QIBs) portion of the issue received subscription for 3.2151 times with bids for 5983740 shares against the offer of 1861111 shares. The Non Institutional Investors portion received bids for 216000 shares against the offer of 558333 shares resulting in a subscription of 0.3869 times. The Retail Individual Investors (RIIs) portion received bids for 681060 shares against the offer of 1302778 shares resulting in a subscription of 0.5228 times.

Source : Equity Bulls

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