Everonn IPO a hit with banks and insurers

The IPO of the little-known Everonn Systems India made history on Wednesday when it received a subscription as high as 131 times.

Centrum Capital was the sole book runner to the Rs 50-crore issue, which had a price band of Rs 125 to 140 a share.

One of the main reasons for the success was aggressive bidding by banks and insurance companies, almost of about Rs 930 crore.

Insiders say that ex-bankers like T Madhavan and KV Krishnamurthy — both earlier with Bank of India and now at senior positions at Centrum, have managed to persuade other banks to invest in the issue.

Around 30 banks and insurance companies bid for 6.62 lakh share at the upper band.