Power Grid IPO receives 9.44 times subscription, issue closes tomorrow

The Initial Public Offering (IPO) of Power Grid Corporation of India Ltd which closes for subscription tomorrow (September 13, 2007) has already received overwhelming response from investors with subscription of 9.44 times. The IPO opened for subscription on September 10, 2007.

The company has come out with an IPO of 57,39,32,895 Equity Shares of Rs.10 each at a price band of Rs.44/- to Rs.52/- through 100% Book Building process.

The IPO received bids for 5418198125 equity shares against the offer of 573932895 shares. The issue received bids for 202848875 equity shares at Cut-off price.

Out of the issue, Qualified Institutional Buyers (QIBs) portion received bids for 5156970625 equity shares against the offer of 279977448 equity shares resulting in a subscription of 18.4192 times.

The Non Institutional Investors portion received subscription of 0.4895 times with bids for 41112000 shares against the offer of 83993234 shares. The Retail Individual Investors (RIIs) portion received bids for 210651250 shares against the offer of 195984213 shares resulting in a subscription of 1.0748 times.

The Employee Reservation portion received subscription of 0.6771 times with bids for 9464250 shares against the offer of 13978000 shares.

Source : Equity Bulls

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