SCI FPO subscription reaches 2.64 times its issue size

NEW DELHI: The follow-on-public offer of state-run Shipping Corporation of India got subscribed 2.64 times till noon on the final day of issue on Friday.

The stake sale through which the company aims to garner Rs 1,200 crore, received bids for 22.32 crore shares as against 8.46 crore equities on offer, as per data available on the National Stock Exchange till 1200 hours.

The FPO has witnessed a total demand worth over Rs 3,125 crore till mid-session. Yesterday was the last date for QIBs to subscribe to the offer, while today is the last day for bidding by other investors.

In the portion reserved for the QIBs, the issue got subscribed 4.19 times while the non-institutional category witnessed 0.28 times subscription and retail bidders 0.56 times till yesterday's close.

The company has fixed a price band of Rs 135-140 a share for the FPO. SBI Capital Markets, IDFC Capital and ICICI Securities are the book running lead managers to the issue.