S Chand and Company Limited IPO garners subscription of 59.49 times

The Initial Public offer of S Chand and Company Limited has received overwhelming response from investors with the issue receiveing subscription of 59.59 times. The issue has received demand for 457201910 equity shares against the offer of 7685284 equity shares.

The Non Institutional Investors portion of the issue received subscription of 204.65 times with demand for 336054818 equity shares against the offer of 1642122 equity shares.

The Qualified Institutional Buyers (QIBs) portion of the issue received subscription for 97899186 equity shares against the offer of 2211544 equity shares resulting in a subscription of 44.27 times.

The Retail Individual Investors(RIIs) portion of the issue garnered subscription of 6.07 times with demand for 23247906 equity shares against the offer of 3831618 equity shares.

The company came with fresh issue of Upto Rs 3,250 Million and offer for sale Upto 6,023,236 Equity Shares (including anchor portion of 3,262,194 Equity Shares). The 100% book building issue was priced at a band of Rs 660 to Rs 670.

JM Financial Institutional Securities Limited, Axis Capital Limited and Credit Suisse Securities (India) Private Limited were the Book Running Lead Managers to the public issue. JM Financial Services Limited was the Syndicate Member for the issue.

The issue opened for subscription on April 26, 2017 and closed on April 28, 2017.

Source : Equity Bulls

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