IDEA Cellular IPO oversubscribed 32.5 times
Idea Cellular, an Aditya Birla Group company, which is amongst the leading mobile operators in India and currently operates in 11 Circles, is open for subscription with an initial public offering, IPO, aggregating Rs 21,250 million, of equity shares of Rs 10 each.
It has been receiving good response from investors especially qualified institutional investors and HNIs as QIBs portion subscribed 12.15 times till Feb 14.
The issue was oversubscribed 32.5 times, as per NSE website.
A 32.69 crore issue has been received 10.08 billion bids while 16.40 crore bids at cut off price.
The price band for the issue was between Rs 65 and Rs 75 per equity share. The equity shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange. The company has recently concluded a pre-IPO placement of Rs 3,750 million to some of its promoters, directors and certain high net worth individuals, which includes Rs 2,250 million from Aditya Birla Nuvo and Rs 1,371 million from Birla TMT Holdings Private Limited - both existing promoters of the company. This pre-IPO placement has been made at the top end of the price band.
The company has reserved equity shares aggregating Rs 500 million for allotment to its eligible employees, with the balance of Rs 20,750 million being the net issue available for allotment to the public.
The company also proposes a green shoe option not exceeding Rs 3,187.50 million in excess of the equity shares that are included in the Issue. The issue, with the green shoe option, aggregates Rs 24,437.50 million.
It has been receiving good response from investors especially qualified institutional investors and HNIs as QIBs portion subscribed 12.15 times till Feb 14.
The issue was oversubscribed 32.5 times, as per NSE website.
A 32.69 crore issue has been received 10.08 billion bids while 16.40 crore bids at cut off price.
The price band for the issue was between Rs 65 and Rs 75 per equity share. The equity shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange. The company has recently concluded a pre-IPO placement of Rs 3,750 million to some of its promoters, directors and certain high net worth individuals, which includes Rs 2,250 million from Aditya Birla Nuvo and Rs 1,371 million from Birla TMT Holdings Private Limited - both existing promoters of the company. This pre-IPO placement has been made at the top end of the price band.
The company has reserved equity shares aggregating Rs 500 million for allotment to its eligible employees, with the balance of Rs 20,750 million being the net issue available for allotment to the public.
The company also proposes a green shoe option not exceeding Rs 3,187.50 million in excess of the equity shares that are included in the Issue. The issue, with the green shoe option, aggregates Rs 24,437.50 million.
posted by RK at 4:04 AM
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