Abhishek Mills Ltd IPO closes for subscription, receives bids for 1.26 times

The Initial Public Offering of Abhishek Mills Ltd closed for subscription on March 1, 2007. The IPO closed after receiving bids for 1.26 times. The company had to extend the closing date from February 26, 2007 to March 1, 2007 due to under subscription. It also reduced the price band from Rs.95 - Rs.100 to Rs.90-Rs.100 per share.

The IPO received total bids for 5152020 equity shares against the offer of 4100000 equity shares. The company received bids for 616020 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue received subscription for 2261820 equity shares against the offer of 1947500 resulting in a subscriptio of 1.1614 times. The Non Institutional Investors portion received subscription for 2252280 equity shares against the offer of 584250 resulting in maximum subscription of 3.8550 times.

The Retail Individual Investors (RIIs) portion of the issue received subscription for just 0.3175 times with bids for 432780 equity shares against the offer of 1363250 equity shares. The Employee Reservation portion received bids for 205140 equity shares against the offer of 205000 equity shares resulting in subscription of 1.0007 times.

Source : Equity Bulls

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