Zee News June 26, 2009 Mahindra Holidays Ipo Subscribed 4 Times
Mahindra Holidays IPO subscribed 4 times
Press Trust of India / Mumbai June 26, 2009, 12:08 IST
Mumbai, June 26: The initial public offer of Mahindra Holidays & Resorts got over-subscribed nearly four
times on the final day of offer on Friday till 1300 hrs, with most of the bids coming in from institutional
According to the latest data available on the National Stock Exchange, the IPO got subscribed 3.93 times
till 1300 hrs on the final day of offer today.
The issue received bids for over 3.64 crore shares as against 92.65 lakh shares on offer. The issue,
which began on June 23, generated demand close to Rs 1,184 crore at the end of the upper end of the
The price band for the issue has been fixed between Rs 275 and Rs 325. The company plans to utilise
the issue proceeds in business expansion, which includes setting up of new projects.
"The participation of the institutional investors in the IPO signals a revival in the IPO market. However,
retail investors are still in double minds are waiting for the NHPC and OIL IPO to enter the market," SMC
Capitals Equity Head Jagannadham Thunuguntla said.
Till 1300 hrs today, the portion reserved for qualified institutional buyers was subscribed 5.66 times, while
the high net worth individuals bid for 3.20 times of the shares reserved for them. However, retail investors
portion was subscribed 0.71 times only, he said.