The initial public offering (IPO) of Indian Railway Catering and Tourism Corp has received a strong response from investors and was subscribed 112 times on the third day of bidding. The IRCTC IPO is the 12th public offering this year and the second from the Indian Railways after Rail Vikas Nigam earlier this year.
Most brokerages have recommended ‘subscribe’ recommendation on the IRCTC IPO, given its reasonable valuation and monopoly in the Indian railways.
The category meant for qualified institutional buyers (QIBs) was subscribed 108.79 times, non-institutional investors (NIIs) category witnessed a subscription of 354.52 times, while the same for retail investors stood at 14.65 times.
IndiaMART InterMESH, Neogen Chemicals, and Affle India were among the major IPOs that received strong subscriptions. Here are details about how other IPOs launched in 2019 performed in terms of subscription:
Sterling & Wilson Solar IPO:
The IPO of Shapoorji Pallonji group firm Sterling & Wilson Solar Ltd sailed through with a 92 percent subscription that will raise around Rs 2,900 crore. The issue started on August 6, 2019, and closed on August 8, 3019. The price range for the offer was fixed at Rs 775-780 per share. According to the statement, the IPO closed successfully, backed by marquee global institutional investors.
Spandana Sphoorty Financial IPO: The Rs 1,200-crore public issue received bids for 1.03 crore equity shares against the size of 98.22 lakh equity shares (excluding anchor investors portion), resulting in the IPO being subscribed 1.05 times, as per data available on exchanges. The price range for the offer, which opened on August 5 and closed on August 7, was fixed at Rs 853-856 per share.
Affle India IPO: The IPO of mobile marketing company Affle India was subscribed 86.45 times. The Rs 459-crore initial public offer (IPO) received bids for 29,20,43,740 shares against the total issue size of 33,78,021 shares, as per data available with the NSE. The price range for the offer was fixed at Rs 740-745 per share. The issue opened on July 29 and closed on July 31.
IndiaMART IPO: The IPO of IndiaMART InterMESH, an online marketplace for business products and services, was subscribed 36.16 times. The IPO was for 48,87,862 equity shares, including an anchor portion of 21,95,038 equity shares. The price range for the offer was Rs 970-973 per share. The issue opened on June 24 and closed on June 26.
Neogen Chemicals IPO: The Rs 132-crore public offer was oversubscribed 41.18 times as it received bids for 17.82 crore equity shares against the total IPO size of 43.29 lakh shares, according to data available on exchanges. The IPO comprises a fresh issue of up to Rs 70 crore and an offer-for-sale of up to 29 lakh equity shares, including an anchor portion of 18,46,715 equity shares. The price range for the offer, which opened for bidding on April 24 and closed on April 26, was fixed at Rs 212-215 per share. Neogen Chemicals is a manufacturer of bromine-based and lithium-based specialty chemicals.
Polycab India IPO: Polycab India's Rs 1,345 crore IPO received bids was subscribed 52 times. The Polycab IPO worth up to Rs 1,346 crore comprises a fresh issue of Rs 400 crore and an offer for sale (OFS) of up to Rs 946 crore by its promoters. The company aims to utilise the proceeds towards repayment of the debt, working capital requirements and general corporate purposes. A price band of Rs 533-538 apiece was set for the IPO, which opened on April 5 and closed on April 9.
Metropolis Healthcare IPO: The Rs 1,204-crore initial public offering (IPO), with a price band of Rs 877-880, was subscribed 5.84 times during the share sale, from April 3-5. It was an offer for sale and the company did not receive any funds raised from the issue. The company offers a range of clinical laboratory tests and profiles used for prediction, early detection, diagnostic screening and confirmation and/or monitoring of the disease.
Rail Vikas Nigam IPO: The Rs 480 crore IPO, which was sold between March 29 to April 3, was subscribed 1.83 times. The IPO raised nearly Rs 480 crore by selling 25.34 crore share, or 12.12 percent stake. The price band was fixed at Rs 17- Rs 19 per share.
MSTC IPO: The IPO by miniratna MSTC saw an overall subscription of 1.12 times during the open offer. The MSTC IPO opened for subscription on 13 March at a price band of Rs 121-128 per share. The three-day initial share sale was extended to March 20 at a revised price of Rs 120-128 per share. The government offloaded 1.76 crore shares, or 25 percent of total paid-up equity, in the company.
Chalet Hotels IPO: The IPO of Chalet Hotels, which owns, develops and manages high-end hotels in key metro cities in India, was subscribed 1.57 times. The initial public offering (IPO) to raise about Rs 1,641 crore received bids for 6,49,07,563 shares against the total issue size of 4,13,26,672 shares, as per NSE. Its price range stood at Rs 275-280 per equity share and it opened on January 29 and closed on January 31.
Xelpmoc Design and Tech IPO: The IPO, which was opened for subscription from January 23 to January 25, was oversubscribed 3.25 times. Xelpmoc Design is an end-to-end technology solution and support provider. The IPO was open for subscription from January 23 till January 25. This was the first IPO for the calender year 2019. The price band was set at Rs 62-66 per share with a face value of Rs 10. The company also offered a discount of Rs 3 per share to retail investors.
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First Published: IST