Gravita India IPO garners subscription of 42.88 times

The Initial Public Offering (IPO) of Gravita India Limited which closed for subscription on November 3, 2010 has received bids for 42.88 times.

The company came out with Public offer of 36,00,000 equity shares of face value of Rs. 10 each for cash at a price band of Rs 120 to Rs 125 through 100% book building process. The IPO opened for subscription on November 1, 2010.

The Minimum Order Quantity was 50 Equity Shares and in multiples of 50 Equity Shares. The Maximum Subscription Amount for Retail Investor was Rs.100000.

The Rating Agency Brickwork Ratings India Pvt. Ltd assigned IPO Grading of BWR IPO Grade 3.

Keynote Corporate Services Ltd was the Book Running Lead Manager to the issue. Keynote Capitals Limited and Hem Securities Limited were the Syndicate Members.

KARVY COMPUTERSHARE PRIVATE LIMITED is the registrar to the company.

The IPO received total bids for 154359850 equity shares against the offer of 3600000 equity shares. The issue received bids for 41264700 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue received subscription of 6.04 times with bids for 10714700 equity shares against the offer of 1775000 equity shares.

The Non Institutional Investors portion of the issue received bids for 97191900 equity shares againt the offer of 532500 equity shares resulting in a subscription of 182.52 times.

The Retail Individual Investors (RIIs) portion of the issue received subscription of 37.34 times with bids for 46394750 equity shares against the offer of 1242500 equity shares.

The Employee Reservation portion has received subscription of 1.17 times with bids for 58500 shares against the offer of 50000 shares.

Source : Equity Bulls

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