Emaar MGF IPO receives 0.40 times subscription

The Initial Public Offering of Emaar MGF Land Limited which opened for subscription on February 1, 2008 has received subscription of 0.40 times till 5:30 PM on 05 Feb 2008.

The company has come out with an IPO of 102570623 Equity Shares of Rs.10 each for cash at a price band of Rs 540 to Rs 630 through 100% book building process.

The IPO has received total bids for 41504710 equity shares against the offer of 102570623 shares. The issue has received bids for 1453880 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received subscription of 0.6481 times with bids for 39885100 equity shares against the offer of 61542374 equity shares.

The Non Institutional Investors portion has received bids for 42010 shares against the offer of 10257062 equity shares resulting in a subscription of 0.0041 times.

The Retail Individual Investors (RIIs) portion has received subscription of 0.0513 times with bids for 1577600 equity shares against the offer of 30771187 shares.

The issue closes for subscription on February 6, 2008.

Source : Equity Bulls

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