Electrosteel Steels oversubscribed 3.72 times on Day 3

NEW DELHI: The initial share sale offering of Electrosteel Steels has garnered good demand from institutional investors and was oversubscribed 3.72 times by the end of the third day of the issue on Thursday.

As per the data available with the National Stock Exchange, the issue was oversubscribed 5.86 times in the portion reserved for QIBs.

Today was the last date for QIBs to bid for the issue. The IPO, which opened on September 21, will close tomorrow for retail and HNIs.

The company has entered the market with its IPO in the price band of Rs 10 to Rs 11 per share.

The issue comprises offering of 22,55,16,188 shares and it has a green shoe option of up to 3,38,27,428 equities. At the upper end of the price range, the IPO is valued at about Rs 248 crore, excluding the green shoe option.

Enam Securities, Edelweiss Capital Ltd and SBI Capital Markets are the book running lead managers to the issue.

The company, promoted by Electrosteel Castings Ltd, is engaged in the business of steel.