SEL Manufacturing Company Limited IPO receives 3.62 times subscription

The Initial Public Offering (IPO) of SEL Manufacturing Company Limited which closed for subscription on July 31, 2007 has received moderate response from investors with the issue receiving subscription of 3.62 times.

The issue has received bids for 14985975 equity shares against the offer of 4138410 equity shares. The issue has also received bids for 4604850 shares at Cut-off price. The issue opened for subscription on July 26, 2007.

The company issued 41,38,410 Equity Shares of Rs.10 each for cash at a price band of Rs.80 to Rs.90 through 100% book-building process.

Out of the issue, the Qualified Institutional Buyers (QIBs) portion received bids for 8049975 equity shares against the offer of 1965740 shares resulting in a subscription of 4.0951 times.

The Non Institutional Investors portion of the issue received subscription of 3.1229 times with bids for 1841625 shares against the offer of 589725 shares.

The Retail Individual Investors (RIIs) portion of the issue received bids for 4890300 shares against the offer of 1376025 shares resulting in a subscription of 3.5539 times. The Employee Reservation portion of the issue received bids for 204075 shares against the offer of 206920 shares resulting in a subscription of 0.9863 times.

Source : Equity Bulls

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