Spice Communications Ltd IPO receives 37.63 times subscription

The Initial Public Offering (IPO) of Spice Communications Ltd which closed for subscription on Wednesday - June 27, 2007 has received overwhelming response with the issue receiving subscription of 37.6346 times.

The IPO has received bids for 4256893710 equity shares against the offer of 113111111 shares. The company offered shares of Rs.10 each at a price band of Rs.41 to Rs.46.

The Qualified Institutional Buyers (QIBs) portion of the issue received overwhelming response with bids for 3906860445 equity shares against the offer of 66666667 shares resulting in a subscription of 58.6029 times.

The Non Institutional Investors portion has received subscription of 19.2323 times with bids for 213692310 shares against the offer of 11111111 shares. The Retail Individual Investors (RIIs) portion received bids for 134983800 shares against the offer of 33333333 shares resulting in a subscription of 4.0495 times.

The Employees Reservation has received bids for 0.6785 times with bids for 1357155 shares against the offer of 2000000 shares.

The company's stock will be listed in Bombay Stock Exchange (BSE) as the company failed to fulfill the norms for listing in National Stock Exchange (NSE).

Source : Equity Bulls

Keywords