REC IPO receives 2.73 times subscription

The Initial Public Offering of Rural Electrification Corporation LIMITED has received encouraging response from investors with the IPO receiving subscription of 2.73 times till 5:00 PM on 20 Feb 2008.

The company has come out with an IPO of 156120000 Equity Shares of Rs.10 each for cash at a price band of Rs 90 to Rs 105 through 100% book building process.

The IPO has received total bids for 426045960 equity shares against the offer of 156120000 shares. The issue has received bids for 10418880 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received bids for 412968300 equity shares against the offer of 91330200 equity shares resulting in a subscription of 4.5217 times.

The Non Institutional Investors portion of the issue has received subscription of 0.0984 times with bids for 1498080 shares against the offer of 15221700 equity shares.

The Retail Individual Investors (RIIs) portion of the issue has received bids for 11432340 equity shares against the offer of 45665100 equity shares resulting in a subscription of 0.2504 times.

The Employee Reservation portion has received bids for 147240 equity shares against the offer of 3903000 equity shares resulting in a subscription of 0.0377 times.

The issue closes for subscription on February 22, 2008.

Source : Equity Bulls

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