GMR Infra, Tech Mahindra IPOs get good reponse

MUMBAI: The Tech Mahindra issue received bids constituting 70 times the total issue size, mostly in the higher end of the price band. The GMR issue received bids 6.5 times the issue size, but most bids were received at the lower end of the price band.

The Tech Mahindra IPO was for 1.27 crore shares of Rs 10 each in a price band of Rs 315-365. The IPO consists of a fresh issue of 3,186,480 equity shares and offer for sale of 9,559,520 equity shares by M&M and British Telecommunications.

The issue opened on August 1. Its Qualified Institutional Buyer portion was oversubscribed 100 times. The GMR issue opened on July 31. The issue was for 3.81 crore equity shares in a price band of Rs 210-250.