MIC Electronics IPO fully subscribed
Initial public offer of MIC Electronics, which expects to rise up to Rs 76.50 crore through the issue, on Friday got fully subscribed on its third day of the IPO.
By PTI |
MUMBAI: Initial public offer of MIC Electronics, which expects to rise up to Rs 76.50 crore through the issue, on Friday got fully subscribed on its third day of the IPO.
The issue, which took time to pick up, received 64.81 lakh bids for its offer of 51 lakh equity shares, getting subscribed 1.27 times, latest data available on the stock exchange shows.
The IPO has received overwhelming response in the Qualified Institutional Buyers and the portion reserved for them got oversubscribed 2.42 times receiving bids mainly from FIIs and domestic mutual funds.
Hyderabad-based firm engaged in manufacture of LED video display systems, has fixed the price band between Rs 129-150 per equity share.
The public offer, which would close on May 8, constitutes 25.34 per cent of the company's fully diluted post issue paid up equity capital.
Up to 50 per cent of the issue would be allocated on a proportionate basis to the qualified institutional buyers, of which 5 per cent of the issue would be available for allocation to mutual funds.
Further, 15 per cent of the issue would be available for non-institutional bidders and 35 per cent would be available for allocation on a proportionate basis to the retail individual bidders.
MIC Electronics has three divisions - media, info-tech, communications and electronics and is engaged in the design, development and production of True Colour LED video display Systems, telecom software and communication equipment.
The sole book running lead manager to the issue is Edelweiss Capital.
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