Deccan IPO scrapes through

Mumbai, May 23 | Updated: May 24 2006, 06:25am hrs
The initial public offer (IPO) of Deccan Aviation Ltd (DAL) which opened on May 18 has managed to get full subscription on the last day as per the schedule announced earlier. However, the issuer has extended the issue by three days until May 26. According to sources, permission for extending the issue was sought from the market regulator, Securities and Exchange Board of India (Sebi), which has given the approval in the wake of the market carnage seen on the bourses in the past few days.

The DAL IPO has been fully subscribed. However, due to turbulence in the market, some QIB investors could not subscribe. Now, the closing date has been extended till Friday, May 26 and the price band has been revised from Rs 150-175 to Rs 146-175, said sources close to the development.

The IPO of Gangotri Textiles Ltd (GTL), which closed on Tuesday, also barely managed to get fully subscribed even as bidding was extended till 9 pm on Tuesday.

According to sources, the GTL issue has been subscribed 1.02 times with banks, FIIs, insurance companies, SBI subsidiaries and MFs all participating in the bidding process. Details related to the category-wise subscriptions were not available at the time of going to press.