Man Infraconstruction IPO receives subscription of 39.54 times

The Initial Public Offering (IPO) of Man Infraconstruction Limited which opened for subscription by investors on February 18, 2010 has received overwhelming response from investors. The IPO has received subscription of 39.54 times till 3:00 PM on February 22, 2010.

The IPO has received total bids for 184005140 equity shares against the offer of 4653150 equity shares. The issue has received bids for 6993734 equity shares at cut-off price.

The company has come out with IPO of 56,25,150 equity shares (including 9,72,000 shares for anchor investors) of Rs 10 each for cash at a price band of Rs.243 to Rs.252 through 100% book building process.

The rating agency Crisil Limited has given IPO Grading of IPO Grade 3 for the issue.

The IPO closes for subscription today - Monday, February 22, 2010.

Source : Equity Bulls

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