Niraj Cement Structurals IPO subscribed 1.74 times

The Initial Public Offering (IPO) of Niraj Cement Structurals Ltd opened for subscription on May 26, 2008 has received subscription of 1.74 times. The issue closed for subscription today - May 30, 2008.

The company came out with an IPO of 3250000 Equity Shares of Rs 10 each for cash at a price band of Rs. 175 /- to Rs. 190 /- through 100% book building process.

The IPO has received total bids of 5656620 equity shares against the offer of 3250000 equity shares. The issue received bids for 3771060 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received no subscription against the offer of 1462500 equity shares.

The Non Institutional Investors portion of the issue has received bids for 1759920 equity shares against the offer of 438750 equity shares resulting in a subcription of 4.0112 times.

The Retail Individual Investors (RIIs) portion of the issue has received subscription of 3.8053 times with bids for 3895680 equity shares against the offer of 1023750 shares.

The Employee Reservation has received bids for 1020 equity shares against the offer of 325000 shares resulting in a subscription of 0.0031 times.

Source : Equity Bulls

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