Angel Broking IPO subscribed 3.90 times on day 3; Retail investors, QIB oversubscribe their portion

Angel Broking’s preliminary public provide consisted of a contemporary concern of Rs 300 crore and a suggestion on the market of Rs 300 crore.

Angel Broking’s IPO was subscribed 3.90 times on the ultimate day of the bidding course of until stock market closing. The Rs 600 crore IPO which opened for subscription on Tuesday, was oversubscribed by retail buyers in addition to certified institutional consumers (QIB). Despite bearish market sentiment, the problem noticed huge response from QIBs on the ultimate day which had been largely muted when it got here to subscribing the problem on the preliminary two days of the provide. Angel Broking was one among three IPOs that Dalal Street witnessed this week — all being oversubscribed by buyers.

Retail buyers bid for shares 4.24 times, oversubscribing their portion of the provide that made out there 68,85,246 fairness shares to them. Non-institutional buyers (NII) failed to completely subscribe to their portion of the problem with bids obtained just for 66% of the NII portion, which consisted of 29,50,820 fairness shares. QIBs had been largely non-existent until the ultimate day of the bidding course of however ultimately managed to subscribe to their portion of 39,34,425 fairness shares 5.74 times. 

Also Read: Focus on broking enterprise helped us achieve market share, SEBI’s new guidelines a optimistic | Angel Broking Interview

The IPO market noticed a busy week with three points being made out there for buyers. Computer Age Management Services (CAMS) the biggest of the three points was subscribed 46.93 times on closing yesterday. Chemcon Speciality Chemicals IPO was subscribed probably the most at 148.94 times with full subscription standing being achieved in lower than 3 hours. All the three fairness shares may make their share market debut in early October. Recently, stock markets have seen the bumper itemizing of Happiest Minds Technologies and Route Mobile. 

However, regardless of the current rush of IPOs, the development isn’t seeking to decelerate. UTI Asset Management Company, one of many oldest AMCs in India, in the present day introduced that its IPO will open for subscription on Tuesday subsequent week at a worth of Rs 552 to 554 per share. The Rs 2,160 crore concern will be part of Likhitha Infrastructure Ltd’s IPO which opens on the identical date at a worth band of Rs 117 to 120 per share. 

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