Power Mech IPO subscribed 38 times

India Infoline News Service | Mumbai | August 12, 2015 08:43 IST

The initial public offer (IPO) of Power Mech Projects Ltd. closed on Tuesday with strong subscription, led by QIBs and HNIs, according to data on the NSE web site. The issue was finally subscribed by 38.10 times, as on 21.00 (IST) on Tuesday. 

The IPO received bids for 11.39 crore shares as against 29.88 lakh shares on offer, as per the NSE data. It had opened for subscription on Friday. The Power Mech public issue comprises 42,69,000 equity shares (including anchor portion of 12,80,700 shares).

The price band for the issue was fixed at INR 615-640 per share. Based on the price band, the company could garner between INR 262.5 crore and INR 273.2 crore through its IPO.

Meanwhile, shares of Syngene International Ltd. climbed by 24% in the company's stock market debut on Tuesday. The Syngene IPO was open for subscription from 27th July to 29th July and was subscribed more than 32 times. Syngene shares on Tuesday closed 24.16% higher at INR 310.40 on the BSE.