Security and Intelligence Services IPO subscribed 38% on Day 1

The initial share sale offer of Security and Intelligence Services (India) Limited was subscribed 38 per cent on the first day of bidding today.

The IPO received bids for 19,96,380 shares against the total issue size of 53,16,187 shares, data available with the NSE showed.

The portion set aside for non institutional investors was subscribed 1 per cent and that for retail investors was oversubscribed 2.06 times.

Security and Intelligence Services (India) Ltd ( SIS) expects to raise up to Rs 780 crore from the IPO, a part of which will go towards debt repayment.

SIS has set Rs 805-815 per share as the price band for the initial public offer (IPO).

The IPO comprises fresh issue of equity shares valuing up to Rs 362.25 crore and an offer for sale of up to 5,120,619 equity shares to be diluted by investors and promoters.

Axis Capital Limited, ICICI Securities Limited, IIFL Holdings Limited and Kotak Mahindra Capital Company Limited are the global coordinators and book running lead managers to the offer.