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IPO Wrap: Shriram Properties IPO subscribed 4.6 times on final day led by retail and non institutional investors

Shriram Properties IPO subscription status: The initial public offering (IPO) of Shriram Properties was subscribed 4.60 times on the final day.

By: Express Web Desk | New Delhi |
December 10, 2021 5:59:43 pm
Shriram Properties IPOShriram Properties has a major presence in south India. It has completed various real estate projects and many projects are under construction.

Shriram Properties IPO subscription status: The initial public offering (IPO) of Shriram Properties, which was launched on Wednesday was met with an overwhelming response by the investors as it got subscribed 4.60 times on the final day, according to the data available on the BSE.

The Rs 600 crore offer received bids for over 13.51 crore (13,51,21,875) shares against the total issue size of over 2.93 crore (2,93,51,639) shares, the data showed.

The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 1.85 times, while those of non institutional investors was subscribed 4.82 times and that of retail individual investors (RIIs) was subscribed 12.72 times. Separately, shares for the employees’ segment was subscribed 1.25 times, the data showed.

Shriram Properties IPO comprises fresh issuance of equity shares worth Rs 250 crore and an offer for sale (OFS) of Rs 350 crore.

The offer had opened for subscription on Wednesday, December 8, 2021, and concluded at 5 pm Friday, December 10, 2021. It had a price band of Rs 113-118 per share and before heading into the IPO, the company raised over Rs 268 crore from the anchor investors.

Shriram Properties has a major presence in south India. It has completed various real estate projects and many are under construction.

Going ahead, investors will now look forward to the share allotment date of the issue. The finalisation of the basis of allotment for Shriram Properties is expected to take place on Wednesday, December 15, 2021, as per the information provided in the red herring prospectus.

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