Bang Overseas IPO receives 0.56 times subscription

The Initial Public Offering (IPO) of Bang Overseas Limited which opened for subscription on January 28, 2008 has received 0.56 times subscription.

The company has come out with an IPO of 3500000 Equity Shares of Rs 10 each for cash at a price band of Rs 200 to Rs 207 through 100% book building process.

The IPO has received total bids for 1959150 equity shares against the offer of 3500000 shares. The issue has received bids for 6540 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received bids for 1699980 equity shares against the offer of 1700000 equity shares resulting in a subscription of 1 times.

The Non Institutional Investors portion has received subscritpion of 0.4706 times with bids for 240000 equity shares against the offer of 510000 shares.

The Retail Individual Investors (RIIs) portion has received subscription of 0.0063 times with bids for 7470 shares against the offer of 1190000 shares.

The Employee Reservation portion has received bids for 11700 equity shares against the offer of 100000 shares resulting in a subscription of 0.1170 times.

The IPO closes for subscription on January 31, 2008.

Source : Equity Bulls

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