Shipping Corp FPO oversubscribed 4.63x

A sharp pick-up in subscription for Shipping Corporation FPO was witnessed on the last day

A sharp pick-up in subscription for the follow-on-public offer (FPO) of Shipping Corporation of India was witnessed on the last day of the bidding where the offer got over-subscribed 4.63 times,garnering a demand worth Rs 5,492 crore.

The FPO of the state-run SCI,which had opened for subscription on November 30,attracted bids for 39.2 crore shares,against 8.46 crore equities on offer,as per National Stock Exchange data till 1700 hrs.

“The investors’ appetite for the state-run initial public offer seems to have increased specially because of the reasonable pricing,” Geojit BNP Paribas Research Head Alex Matthews said.

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For the Qualified Institutional Buyers (QIBs),bidding had closed yesterday while today was the final date for retail and non-institutional investors.

The company has fixed a price band of Rs 135-140 a share for the FPO by which it is planning to mop-up Rs 1,200 crore.

SBI Capital Markets,IDFC Capital and ICICI Securities are the book running lead managers to the issue.

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