NBCC IPO subscribed 58 pc on Day 3

MUMBAI: The initial public offer of state-run National Buildings Construction Corporation was subscribed 58.30 per cent at the end of third day today.

The initial public offer ( IPO), which closes tomorrow, attracted bids for about 69.95 lakh shares, creating demand worth Rs 74.15 crore, by 1724 hours today.

The category reserved for retail investors was subscribed 93 per cent, while the portion meant for Qualified Institutional Buyers (QIB) was subscribed 52 per cent, according to stock exchanges data.

The price band of the IPO has been fixed at Rs 90-106 per share. At the lower end, the government would raise about Rs 108 crore while at the upper band about Rs 127 crore would be garnered.

National Buildings Construction Corporation (NBCC) under the administrative control of Ministry of Urban Development provides project management consultancy services for construction projects, civil infrastructure for power sector and real estate development.

NBCC is the government's third and last disinvestment candidate in the current fiscal, after Follow-on Public Offer of Power Finance Corp (PFC) in May 2011 and sale of shares through a one-day auction of ONGC earlier this month.

The government has raised a total of Rs 13,894 crore from PFC's FPO and ONGC share sale.