REC IPO subscribed 27.91 times

The Initial Public Offering of Rural Electrification Corporation LIMITED has received encouraging response from investors with the IPO receiving subscription of 27.91 times till 9:30 PM on 22 Feb 2008.

The company had 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 4356837780 equity shares against the offer of 156120000 shares. The issue has received bids for 331857180 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received bids for 3589707840 equity shares against the offer of 91330200 equity shares resulting in a subscription of 39.3047 times.

The Non Institutional Investors portion of the issue has received subscription of 27.1192 times with bids for 412800360 shares against the offer of 15221700 equity shares.

The Retail Individual Investors (RIIs) portion of the issue has received bids for 350656620 equity shares against the offer of 45665100 equity shares resulting in a subscription of 7.6789 times.

The Employee Reservation portion has received bids for 3672960 equity shares against the offer of 3903000 equity shares resulting on a subscription of 0.9411 times.

The issue closed for subscription today February 22, 2008.

Source : Equity Bulls

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