Emaar MGF IPO receives 0.83 times subscription

The Initial Public Offering of Emaar MGF Land Limited which opened for subscription on February 1, 2008 has received subscription of 0.83 times till 5:00 PM on 07 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 85576100 equity shares against the offer of 102570623 shares. The issue has received bids for 13671410 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received subscription of 0.9923 times with bids for 61070750 equity shares against the offer of 61542374 equity shares.

The Non Institutional Investors portion has received bids for 10063260 shares against the offer of 10257062 equity shares resulting in a subscription of 0.9811 times.

The Retail Individual Investors (RIIs) portion has received subscription of 0.4693 times with bids for 14442090 equity shares against the offer of 30771187 shares.

The issue closes for subscription on February 11, 2008.

Source : Equity Bulls

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