Bears maul new IPOs too

The crash in the stock markets has taken a toll on the initial public offers which opened this week.

The crash in the stock markets has taken a toll on the initial public offers (IPOs) which opened this week. As the institutional investors are busy selling their portfolio in the secondary market, analysts say there is absolutely no appetite for new shares sale.

Take for example, Rathi Udyog Ltd (RUL) IPO that opened on Friday. It received hardly 4 per cent bids ( 4.06 lakh shares) against the issue size of 1.16 crore shares. RUL is offering shares in the price band of Rs 50-55 per share.

Similarly, the IPO of low-cost carrier Deccan Aviation Ltd and Gangotri Textiles Ltd, which opened for subscription on Thursday continued to attract poor subscription on Friday too. Deccan managed to get only 3.5 per cent of its Rs 400 crore issue size.

Market participants state: Reason for poor response to IPOs is that since institutional players are subject to margin payment, majority of the subscriptions come around last days of the issue. — ENS

Premji said that Wipro would partner with the Government "to find a lasting solution for Bengaluru's mobility challenges".

Wipro rejects Karnataka Govt request to allow public vehicles inside Sarjapur campus

Cities5 hr ago

Wipro, a leading company in Bengaluru, has refused to allow public vehicles inside its Sarjapur campus to ease traffic congestion. However, they have agreed to finance a study to find a solution for the traffic problem. The founder, Azim Premji, believes that the issue is complex and requires expert analysis. Wipro has also committed to funding a significant portion of the study's cost.

View all shorts

Live Blog

PHOTOS