Power Grid IPO receives 64.82 times subscription

The Initial Public Offering (IPO) of Power Grid Corporation of India Ltd which closed for subscription today (September 13, 2007) has received overwhelming response from investors with subscription of 64.82 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 37202165375 equity shares against the offer of 573932895 shares. The issue received bids for 1277403500 equity shares at Cut-off price.

Out of the issue, Qualified Institutional Buyers (QIBs) portion received bids for 32450251125 equity shares against the offer of 279977448 equity shares resulting in a subscription of 115.9031 times.

The Non Institutional Investors portion received subscription of 40.3413 times with bids for 3388392500 shares against the offer of 83993234 shares. The Retail Individual Investors (RIIs) portion received bids for 1326381375 shares against the offer of 195984213 shares resulting in a subscription of 1.0748 times.

The Employee Reservation portion received subscription of 2.6571 times with bids for 37140375 shares against the offer of 13978000 shares.

Source : Equity Bulls

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