Mishra Dhatu Nigam Limited IPO receives subscription of 1.21 times

The Initial Public Offering (IPO) of Mishra Dhatu Nigam Limited which opened for subscription on March 21, 2018 has received subscription of 1.21 times. The IPO has received bids for 59066850 equity shares against the offer of 48708400 equity shares. The IPO closed for subscription on March 23, 2018.

The company came out with an issue of 48,708,400 Equity Shares of face value of Rs. 10 each in a price band of Rs 87 to Rs 90 through 100% Book Building process.

SBI Capital Markets Limited and IDBI Capital Markets & Securities Limited were the Book Running Lead Managers to the issue. SBICAP Securities Limited was the syndicate member to the IPO.

Alankit Assignments Limited is the registrar to the company.

The Qualified Institutional Buyers (QIBs) portion of the IPO received bids for 45859200 equity shares against the offer of 23417500 equity shares resulting in a subscription of 1.96 times. Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) had subscribed for 36667350 equity shares, followed by Mutual funds with bids for 6414150 equity shares and others for 2777700 equity shares.

The Non Institutional Investors portion of the issue received subscription of just 0.12 times with bids for 878100 equity shares against the offer of 7025250 equity shares. Corporates had bid for 341850 equity shares and Individuals(Other than RIIs) had bid for 536250 equity shares.

The Retail Individual Investors(RIIs) received bids for 11840700 equity shares against the offer of 16392250 equity shares resulting in subscription of 0.72 times. The retail portion received bids for 9480900 equity shares at cut-off price and 2359800 shares through price bids.

The Employees portion receives bids for 488850 equity shares against the offer of 1873400 equity shares resulting in subscription of 0.26 times.

Source : Equity Bulls

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