Euro Multivision, Thinksoft IPOs do poorly on Day 1

MUMBAI: The initial public offering of Euro Multivision Ltd, which opened for subscription on Tuesday, evoked a poor response with only 0.05 of the 88,00,000-share issue being subscribed as at 3:00 pm. Total bids received were 4,68,990, of which 20,520 were at the cut-off price.

The 100% book-build issue, in the price range of Rs 70-75 per share of Rs 10 face value, has been rated IPO Grade 3 by CARE. The issue closes on Thursday, Sep 24.

Thinksoft Global Services Ltd, which is also in the market to raise funds, faired even worse with only 8,100 bids received to the company���s offering of 36,46,000 shares in the price range Rs 120-130 per share of Rs 10 each. Total bids received at cut-off price were just 6,400. The 100% book build issue closes on Thursday. The IPO has been rated Grade 2 by ICRA.

The weak showing of the IPOs could be due to the resurgent secondary market, which saw the BSE Sensex end the day higher by 59.07 points or 0.35% at 16,800.37 and NSE Nifty close with a gain of 44.15 points or 0.89% at 5020.20.