Powergrid Fpo Retail Subscription
November 13, 2010 by Post Team
Powergrid Fpo Retail Subscription, following offer which closed on Friday was signed PowerGrid of 14.77 times, receiving bids for Rs 1.243 million shares for Rs 84 million shares that were on sale. The share of retail investors was subscribed 3.18 times (according to provisional data available with the exchanges from 8 to 45 hours), which is more than the retail subscription (2.15 times) to IPO Coal India.
Retail investors bid for 92.4 million rupees from PowerGrid actions against its share of 29 crore shares. A banker to the issue that more than 10 lakh retail applications were received for the next offer. “We expected this kind of answer as the question Coal India has lifted sentiment towards the primary markets. There was a huge last minute rush by retail investors,” said the banker.
One agent said that many investors have made good money in the edition of Coal India and PowerGrid subscribed. “I had sold some of my shares for the subscription of Coal India. I made a profit of at least 100 rupees a share, when Coal India in the list. I have used this money to invest in PowerGrid,” Adeel said Ismail, a retail investor of Hyderabad.
The area reserved for high networth individuals was subscribed 28.96 hours. The institutional portion, which closed on Thursday, was subscribed 18.52 hours. Foreign institutions put in bids worth Rs 41,040 crore from 456 crore shares and domestic institutions offering Rs 272 million shares.
Outperforms Coal India
In terms of number of shares, PowerGrid beat Coal India with 1,236 million rupees actions committed against Coal India’s 785 million rupees. Of course, this should take into account the price band of the two bids that were 85 to 90 Rs and Rs 225 to 245, respectively.
One agent said that unlike the issue of Coal India, where there was a shortage of application forms in certain centers, the question PowerGrid not face any such problem.
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