Vijayeswari Textiles Ltd IPO sails through, receives 1.10 times subscription

The Initial Public Offering of Vijayeswari Textiles Ltd has sailed through receiving subscription for 1.10 times. The IPO ran into trouble with the company reducing the bid range and extending the last date for subscription as it failed to evoke response from the investing community.

The issue opened for subscription on February 08, 2007 and closed on February 19, 2007 after the company extended the closing date from February 13, 2007 due to poor response.

The initial bid range of Rs.115-Rs.130 was also revised downwards to Rs.100-Rs.115. The company came out with an IPO of 9000000 equity shares and received bids for 9866100 shares. The issue received bids for 749000 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion received subscription for 4499950 equity shares against the offer of 4500000 shares resulting in a subscription of 1 time. The Non Institutional Investors portion received the maximum subscription of 3.3726 times with bids for 4553000 equity shares against the offer of 1350000 shares. The Retail Individual Investors (RIIs) portion failed miserably evoking poor response with bids for 813150 equity shares against the offer of 3150000 equity shares.

Source : Equity Bulls

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