Allcargo IPO subscribed 7.89 times

MUMBAI: The public issue of Allcargo Global Logistics Limited was subscribed 7.89 times, amid uncertainities in the primary market after stock markets corrected by more than 20 per cent in the month of May.

The Qualified Institutional Bidders (QIB) portion was subscribed 10.4 times while High Net-worth Individual (HNI) portion subscribed by 5.6 times.

However, retail investors were still keeping away from the primary market as the retail segment was subscribed 0.92 times only.

Earlier, Air Deccan IPO which opened in the middle of the biggest intra-day fall in the stock market had just managed to scrape through after lowering of the price band and extension of the issue for three more days.

The Allcargo IPO of 2,079,000 equity shares of Rs 10 each opened on June 1 with a price band of Rs 625 to Rs 725. The issue constituting 10.26 per cent of the post issue paid up capital of the company closed yesterday.

Allcargo is involved in Multimodal Transport Operations (MTO), owning and operating Container Freight Station (CFS) and handling of project cargo.