DQE IPO gets robust response; subscribed 34 times

NEW DELHI: The initial public offer (IPO) of animation and gaming firm DQ Entertainment has received robust response from investors and was subscribed 34.27 times till 1400 hrs on Wednesday, the last day of issue. (Watch)

The IPO received total bids for over 45.28 crore shares against 1.32 crore equities on offer for the public, thereby getting subscribed 34.27 times, the latest data available with the National Stock Exchange shows.

While, the IPO got subscribed 34 times till 1400 hrs, the final bidding details would be available only after evening.

DQE has come out in the market with an issue size of 1.60 crore equity shares (including shares reserved for QIBs) in the price range of Rs 75 to Rs 80 per share. The IPO opened on March 8. On opening day, the issue was subscribed 69 per cent.

At the upper band of the price range, the company would collect up to Rs 128 crore from the market. It has already raised Rs 22.6 crore from five anchor investors, including Axis Equity Fund, Birla Sunlife, Morgan Stanley ACE Fund, T Rowe Price International Discovery Fund and IDFC Small and Midcap Equity Fund.

The company plans to utilise net proceeds to part fund general corporate expenditures, besides business expansion.

SBI Capital Markets is the sole book running lead manager to the issue.