Financial Daily from THE HINDU group of publications
Tuesday, Jun 17, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jun 17, 2003 |
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Markets
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IPOs Rush for Maruti IPO continues Our Bureau
MUMBAI, June 16 MARUTI Udyog Ltd's (MUL) public issue continued to receive good response from the investor on the fourth day on Monday, with the issue over-subscribed by over four times with maximum bids received at Rs 120 per share. The issue opened on June 12 and is scheduled to close on June 19. The floor price for the issue is fixed at Rs 115 for Rs 5 face-value share. According to the stock exchange Web sites, till late evening, the issue received bids for 29.45 crore shares compared to the issue size of 7.22 crore shares. Of the total bids received, bids for 20.31 crore shares were received at Rs 120 per share, almost 68 per cent of the total bids received till now. The second highest number of shares bids were received at Rs 115 for 1.19 crore shares. There were bids for prices ranging between Rs 115 and Rs 360 per share. However, the bids above the price of over Rs 150 were not high. In addition, the issue has received bids for 55.54 lakh shares without mentioning any price. This means that the investors who have bid these shares have agreed to buy the shares at whatever price the issue is priced. Investment bankers to the issues said that the final price would be decided after the issue closes on June 19. According to agency reports, the Group of Ministers is scheduled to meet on June 21 to finalise the offer price. The bankers said that there will be a single price at which all the investors will get the shares. It means that if an investor has bid at Rs 160 and the price is fixed at Rs 115, they will get it at Rs 115. However, if an investor has bid at Rs 115 and the price is fixed at Rs 120, than they will not get the shares, an official with an investment banker to the issue said. Brokers said that till now, most of the bids have come from institutional investors and retail participation is expected in the next couple of days.
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