1. Centurion public issues: IPOs that got oversubscribed 100 times or more

Centurion public issues: IPOs that got oversubscribed 100 times or more

Indian primary market is witnessing unprecedented euphoria among investors as a record number of IPOs get launched and are overwhelmingly oversubscribed by all categories of investors. More than 15 IPOs in India have seen gross oversubscription of greater than 100 times.

By: and | Updated: October 20, 2017 1:10 PM
More than 15 IPOs in India have seen gross oversubscription of greater than 100 times. (Express Photograph by Heena Khandelwal)

Indian primary market is witnessing unprecedented euphoria among investors as a record number of IPOs get launched and are overwhelmingly oversubscribed by all categories of investors. We may have had a poor start to Samvat 2074, with Sensex and Nifty ending in red in Diwali’s Muhurat trading. However, there seems to be no brakes on the primary markets. Latest to join the list of grossly oversubscribed issues is the IPO of MAS Financial Services, which got oversubscribed by 128 times in October 2017. While this may look eye-popping, there have been IPOs with oversubscription to the tune of 280 times. Year 2017 has seen the highest number of grossly oversubscribed issues. We take a look at IPOs which have got subscribed by at least a 100 times.

Sankhya Infotech IPO (YEAR-2000): 283 times

The Sankya Infotech Ltd IPO saw demand at 283.5 times the Rs.1.67 crore IPO in March 2000. This remains the highest subscribed IPO in India. Interestingly, while the issue was priced at Rs 10, the application form for the offer saw investors paying up to Rs 50, as investors scouting for the application forms had to pay a price and a scarcity value had been created ahead of the issue opening for subscription.

Salasar Techno Engineering IPO (YEAR-2017): 273 times

Salasar Techno Engineering saw investor subscription to the tune of 273.05 times in July-17 for its Rs 36 crore IPO in July this year, making it the first company in over 17 years to be oversubscribed by more than 270 times, after Sankhya Infotech.

Capacit’e Infraprojects IPO (YEAR-2017): 182 times

The initial share sale offering of construction firm Capacit’e Infraprojects was oversubscribed 182.12 times in September this year.  The price band was fixed at Rs 245-250 apiece for its Rs 400 crore IPO. Interestingly, the IPO was subscribed by just 4.82 times as at the end of second Day of bidding. Notably, non-institutional investors category was subscribed 651 times, setting the record for the highest ever subscription witnessed from non-institutional investors.

FCS Software Solutions IPO (YEAR-2005): 176 times

FCS Software Solutions Ltd’s Rs 17.5 crore initial share sale received bids that were 175.88 times the issue size in August 2005. The company made news after it listed at a premium of more than 200% in the same year.

Indus Networks IPO (YEAR-2000): 174 times

Indus Networks IPO in 2000, had a subscription of 174 times. The company came out with a public issue of 16,25,000 equity shares at a premium of Rs 10 per share on 27th Jan, 2000.

CDSL IPO (YEAR-2017): 170 times

It was one of the most anticipated IPOs of this year and all categories of investors made a beeline for this offering. The IPO was subscribed a humongous 170.16 times at the close of bidding on Wednesday, making it the highest ever subscribed IPO in India. The issue was open from June 19, 2017 – June 21, 2017, and the issue size was Rs 523.99 crore for close to 3.52 crore equity shares. The price band was Rs 145-149 and the lot size was 100. The shares listed on NSE only as CDSL is a subsidiary of BSE and SEBI guidelines don’t allow self-listing.

Religare IPO (YEAR-2007): 160 times

The IPO was subscribed a mind boggling 160.56 times at the close of bidding. The issue was open from October 29, 2007 – November 1, 2007, and the issue size was Rs 140.16 crore for close to 75.76 lakh equity shares. The price band was Rs 160-185 and the lot size was 35.

Quess Corp IPO (YEAR-2016): 144 times

The IPO was subscribed 143.99 times at the close of bidding. The issue was open from June 29, 2016 – July 1, 2016, and the issue size was Rs 400 crore for close to 12.60 crore equity shares. The price band was Rs 310-317 and the lot size was 45.

Future Capital IPO (YEAR-2008): 133 times

The IPO was subscribed 133.44 times at the close of bidding. The issue was open from January 11, 2008 – January 16, 2008, and the issue size was Rs 491.34 crore for close to 64.22 lakh equity shares. The price band was Rs 310-317 and the lot size was 45.

MAS Financial Services (YEAR-2017): 128 times

MAS Financial Services Ltd Rs 460 crore IPO was oversubscribed by a staggering 128 times in October 2017. The reserved portion of qualified institutional buyers (QIBs) had been oversubscribed 148.33 times while the category reserved for non-institutional investors saw subscription of 378.53 times and retail investors subscribed 15.13 times.

Everonn IPO (YEAR-2007): 120 times

The IPO was subscribed 119.54 times at the close of bidding. The issue was open from December 5, 2007 – December 12, 2007, and the issue size was Rs 438.53 crore for close to 91.36 lakh equity shares. The price band was Rs 425-480 and the lot size was 14.

Dixon Technologies Ltd (YEAR-2017): 117 times

The initial share sale offer of consumer electronics manufacturer Dixon Technologies was oversubscribed a whopping 117.11 times in September this year. The initial public offer (IPO), to raise up to Rs 600 crore had a price band of Rs 1,760-1,766.

Advanced Enzyme IPO (YEAR-2016): 116 times

The IPO was subscribed 116.02 times at the close of bidding. The issue was open from July 20, 2016 – July 22, 2016, and the issue size was Rs 411.49 crore for close to 45.95 lakh equity shares. The price band was Rs 880-896 and the lot size was 16.

Mundra Port IPO (YEAR-2007): 115 times

The IPO was subscribed 115.84 times at the close of bidding. The issue was open from November 1, 2007 – November 7, 2007, and the issue size was Rs 1,771 crore for 4.025 crore equity shares. The price band was Rs 400-440 and the lot size was 15.

Edelweiss IPO  (YEAR-2007): 110 times

The IPO was subscribed 110.96 times at the close of bidding. The issue was open from November 15, 2007 – November 20, 2007, and the issue size was Rs 691.86 crore for close to 83.86 lakh equity shares. The price band was Rs 725-825 and the lot size was 8.

Avenue Supermarts IPO (YEAR-2017): 104 times

In March this year,  the initial public offer of D-Mart parent Avenue Supermarts to raise Rs 1,870 crore has been subscribed a staggering 104.48 times at the end of the three-day bidding. The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 144.6 times and that of non institutional investors 277.74 times. Billionaire Radhakrishan Damani-led company surged by more than 100%, and listed at Rs 604.4, as against an issue price of Rs 299.

MindTree IPO (YEAR-2007): 103 times

The IPO was subscribed 103.28 times at the close of bidding. The issue was open from February 9, 2007 – February 14, 2007, and the issue size was Rs 237.72 crore for close to 55.93 lakh equity shares. The price band was Rs 365-425 and the lot size was 15.

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