Standard Chartered Plc’s Indian depositorty receipt (IDR) continue to receive muted response from investors. The issue was subscribed to the extent of just 0.10 times (10%) on the second day of its subscription on Wednesday. The offer received total bids for 2.07 crore IDRs compared to the offer size of 20.4 crore IDRs after allocation to anchor investors.
StanChart on Monday had allocated 3.6 crore IDRs to six anchor investors at the rate of Rs 104 per each. The company had raised over Rs 374 crore via allocation to anchor investors, which accounts for 15% of the total issue size. Overall issue has been subscribed to the extent of 25% including the shares alloted to anchor investors.
Around 50% of the portion reserved for Qualified Institutional Buyers (QIBs) category was subscribed 0.15 times with maximum number of bids coming from domestic financial institutions. Interestingly, the offer so far had not received any single bids from foreign institutional investors (FIIs).
The 30% portion reserved for retail investors was subscribed to the extend of only 0.02 times despite the company offering a 5% discount on issue price. While the high net worth investors portion was subscribed 0.13 times.
