Nelcast Limited IPO receives subscription for 7.36 times

The Initial Public Offering (IPO) of Nelcast Limited which closed for subscription on Friday - 8 June, 2007 has received good response from investors. The issue has received subscription of 7.36 times resulting in a over subscription of 6.36 times.

The issue opened for subscription on June 4, 2007. The company offered 43,50,000 Equity Shares of Rs.10 each for cash at a price band of Rs.195/- to Rs.219/-

Karvy Investor Services Ltd and UTI Securities Ltd were the Book Running Lead Managers to the issue and Karvy Stock Broking Ltd was the Syndicate Member. The Registrar for the issue is Bigshare Services Pvt Ltd.

The issue received bids for 32007810 equity shares against the offer of 4350000 shares. The company received bids for 6420000 shares at Cut-off price.

Out of the issue, Qualified Institutional Buyers (QIBs) portion received bids for 24411780 shares against the offer of 2175000 shares resulting in a subscription of 11.2238 times. The Non Institutional Investors portion received lukewarm response with subscription of 0.9268 times. The Non Institutional Investors portion received bids for 604740 shares against the offer of 652500 shares. The Retail Individual Investors (RIIs) portion received bids for 6991290 shares against the offer of 1522500 shares resulting in a subscription of 4.5920 times.

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Source : Equity Bulls

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