A2Z Maintenance & Engineering Services IPO scrapes through with subscription of 96%

The Initial Public Offering (IPO) of A2Z Maintenance & Engineering Services Limited scraped through with subscription of 96% or 0.96 times. The company came out with Public Issue of Equity Shares Of Rs.10 Each aggregating to Rs.6,750 Million and an Offer For Sale Of 4,556,193 Equity Shares Of Rs. 10 Each at the Issue Price.**(including anchor portion of 31,37,940 equity shares.).

The IPO was priced in a price band of Rs 400 to Rs 410. The issue failed to evoke response even though it had marquee investors like Rakesh Jhunjhunwala holding a big stake in the company.

The Rating Agency CARE Limited had given IPO Grading of IPO Grade 4.

The issue received total bids for 0.96 times with bids for 17615400 equity shares against the offer of 18293253 equity shares. The IPO received bids for 2203620 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue received subscription of 0.68 times with bids for 5133420 equity shares against the offer of 7527656 equity shares.

The Non Institutional Investors portion of the issue received bids for 9991755 equity shares against the offer of 3199679 equity shares resulting in a subscription of 3.12 times.

The Retail Individual Investors (RIIs) portion received subscription of 0.33 times with bids for 2457780 equity shares against the offer of 7465918 equity shares. The Employee Reservation received bids for 32445 equity shares against the offer of 100000 equity shares.

Source : Equity Bulls

Keywords