Sanghvi Forging and Engineering IPO garners subscription of 1.30 times

The Initial Public Offering (IPO) of Sanghvi Forging and Engineering Limited has received subscription of 1.30 times. The issue has received total bids for 5996900 equity shares against the offer of 4612525 equity shares. The issue received bids for 4602570 equity shares at cut-off price.

The company has come out with Public Issue Of Equity Shares of Rs. 10/- each aggregating to Rs. 3690.02 Lacs at a price band of Rs.80 to Rs.85 through 100% book building process.

The Rating Agency CARE has assigned IPO Grading of IPO GRADE 3. Arihant capital markets Ltd is the Book Running Lead Manager to the issue. Arihant Capital Markets Limited, Khandwala Securities Limited and Prabhudas Lilladher Pvt. Ltd are the Syndicate Members to the IPO. Bigshare Services Private Limited is the registrar to the company.

The Qualified Institutional Buyers (QIBs) portion of the issue received Nil subscription against the offer of 2306262 equity shares.

The Non Institutional Investors portion of the issue received subscription of 1.82 times with bids for 1260280 equity shares against the offer of 691879 equity shares.

The Retail Individual Investors (RIIs) portion of the issue received bids for 4736620 equity shares against the offer of 1614384 equity shares resulting in a subscription of 2.93 times.

The IPO opened for subscription on May 04, 2011 and closed on May 09, 2011. For QIB bidders Issue closed on May 06, 2011.

Source : Equity Bulls

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