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Mahindra Holidays IPO gets fully subscribed on final day

This article was posted on Jun 26, 2009 and is filed under Stock News

The initial public offer of Mahindra Holidays & Resorts, through which it is expecting to raise up to Rs 301 crore, got fully subscribed on the final day of offer today. The IPO of the hotel chain arm of the Mahindra & Mahindra Group received bids for over 1.39 crore equity shares within the first hour of trade, representing 1.51 times the shares on offer, latest data available on the stock exchanges show.

The company had come out with an IPO of 92.65 lakh shares. The price band for the issue has been fixed between Rs 275 and Rs 325. The equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.

The company plans to utilise the issue proceeds in business expansion, which includes setting up of new projects.

Marketmen believe the response from investors would signal whether the country’s IPO market is heading for recovery or not as it would give a clear picture of the investment appetite in the current scenario.

“Since the IPO is being brought in by a business conglomerate, it will be closely watched by investors,” SMC Capitals equity Head Jagannadham Thunuguntla said.

Yesterday, the IPO received bids from the institutional investors, which include Qualified Institutional Buyers (QIBs) and Foreign Institutional Investors (FIIs) and non-institutional investors, comprising corporates and individuals, with their portion getting over subscribed.

However, retail investors showed resilience and preferred to stay away from investment till yesterday.

source: Business-Standard

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