Local search engine JustDial’s initial public offer (IPO), the biggest issue so far this year, drawing strong response from its investors, was oversubscribed by 1.94 times on the final day of issue on Wednesday. The Rs 950-crore IPO, received bids for over 2.92 crore shares, against 1.35 crore shares on offer, as per the data available on the NSE.
The issue was a complete hit among Qualified Institutional Buyers (QIBs), which placed bids for 2.76 crore against 9.19 million shares offered. However, the issue failed to draw the same kind of attention from Non Institutional and Retail Investors which placed bids for 1.70 lakh and 1.43 million shares against the offered 2.62 and 1.74 million shares that were up for sale.
The issue garnered not so heartening response from retail investors despite giving them 10% discount at the floor price, which turn out to be Rs 47 at even lower end, given the company fixed the price band at Rs 470-543 per share. Further, the company also will provide 'safety net' for retail investors. Under this, if the market value of the scrip falls below the issue price at any time during the scheme period, promoters will buy-back shares at the sale price from original allottees. Citigroup and Morgan Stanley are the book-running lead managers to the issue.
Company Name | CMP |
---|---|
Syngene Internation. | 693.30 |
EKI Energy Services | 326.10 |
AGS Transact Tech | 75.05 |
Just Dial | 954.35 |
Krystal Integrated | 700.00 |
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