The initial public offer (IPO) has received bids for 35.73 lakh shares and the issue was subscribed 0.47 times on day 2, as per NSE data. The price band for the offer is Rs877-880 per equity share.
The IPO has received bids for 89,98,678 shares against the total issue size of 76,61,802 units, according to the NSE data.
Qualified Institutional Buyers (QIBs) quota was subscribed by 3.23 times, Non-Institutional Investors (NIIs) 0.35 times and retail is subscribed by 1.36 times, the NSE data added.
The equity shares are proposed to be listed on BSE and NSE (the “stock exchanges”).
The Book Running Lead Managers (“BRLMs”) to the Offer are JM Financial Limited, Credit Suisse Securities (India) Private Limited, Goldman Sachs (India) Securities Private Limited, HDFC Bank Limited and Kotak Mahindra Capital Company Limited.
The IPO consists of 1.36cr equity shares of face value of Rs2 each (“Equity Shares”) consisting of an Offer for Sale of up to 62.72 lakh Equity Shares by Dr.Sushil Kanubhai Shah (the “Promoter Selling Shareholder”) and up to 74.12 lakh Equity Shares by CA Lotus Investments (the “Investor Selling Shareholder”) (the “Offer”). The Offer includes a reservation of up to 3 lakh Equity Shares, for subscription by Eligible Employees (the “Employee Reservation Portion”).
The Offer less the Employee Reservation Portion is hereinafter referred to as the “Net Offer”, and such Net Offer aggregates up to 1.33cr Equity Shares.