The initial public offer (IPO) of Engineers India Limited was subscribed almost 12 times, according to NSE data at 5:00 PM. The company received bids for more than 391.81mn shares as against 33.69mn shares on offer.
Engineers India has fixed July 29 as the closing date for qualified institutional investors and July 30 for retail and non-institutional investors.
The price band for the FPO has been fixed at Rs270-290 per share
The stock closed at Rs330, up Rs7 or 2.3% on the NSE. It earlier touched a high of Rs332 and a low of Rs320 after opening at Rs322.
A Group of Ministers, headed by Finance Minister Pranab Mukherjee, set the price band for the Engineers India FPO, which includes a 10% stake sale by the Government.
Retail investors will get a 5% discount on the issue price, which will be discovered through the 100% book building process.
The Government holds 90.4% stake in EIL, which provides design and engineering services for petroleum, power and fertiliser companies. Post FPO, the Centre's stake in EIL will fall to 80.4%.
ICICI Securities, HSBC Securities, IDFC Capital and SBI Capital are the book-running lead manager for the FPO.