SVEC Constructions IPO receives lukewarm response

The Initial Public Offering of SVEC CONSTRUCTIONS LIMITED has received worst response from investors in the current IPOs which are open for subscription. The company has received total bids of just 10570 shares.

The company has come out with an IPO of 4000000 Equity Shares of Rs.10 each for cash at a price band of Rs 85 to Rs 95 through 100% book building process.

The IPO has received total bids for 10570 equity shares against the offer of 4000000 shares. The issue has received bids for 9380 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received Nil subscription against the offer of 2000000 equity shares.

The Non Institutional Investors portion has received Nil subscription against the offer of 600000 shares.

The Retail Individual Investors (RIIs) portion has received subscription of 0.0076 times with bids for 10570 equity shares against the offer of 1400000 shares.

The issue closes for subscription on February 8, 2008.

Source : Equity Bulls

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