Shankara IPO oversubscribed 41.60 times

Source: The Hitavada      Date: 25 Mar 2017 08:05:08


NEW DELHI,

Mar 24,

(PTI)

THE initial public offering of Shankara Building Products got oversubscribed 41.60 times on the last day of the issue on Friday following robust investor demand. The Rs 345-crore IPO received bids for 22,02,75,872 shares against the total issue size of 52,94,467, data available with the NSE till 1930 hours showed.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 51.62 times while for the non-institutional investor segment, it was 90.68 times, sources said. The retail investor category was also oversubscribed 14.65 times, they added.

The Bengaluru-based retailer Shankara Building on Tuesday raised Rs 103.5 crore from anchor investors. The IPO, fifth this year, comprises fresh issue of shares worth Rs 45 crore and an offer for sale of little over 65 lakh shares. The price band for the IPO is Rs 440-460 per share.