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  1. Good show by SIS IPO, subscribed 1.93 times on Day 2

Good show by SIS IPO, subscribed 1.93 times on Day 2

The initial public offering (IPO) of Security and Intelligence Services (SIS) was on Tuesday subscribed 1.93 times with investors bidding for 1.02 crore shares of 53.16 lakh shares on offer.

By: | Mumbai | Updated: August 2, 2017 4:23 AM
initial public offering,  Security and Intelligence Services, Retail investors, HUDCO, BSE,  Avenue Supermarts, Shankara Building Products  The IPO is expected to help the company raise about Rs 780 crore.

The initial public offering (IPO) of Security and Intelligence Services (SIS) was on Tuesday subscribed 1.93 times with investors bidding for 1.02 crore shares of 53.16 lakh shares on offer.The issue received 32.66 lakh shares from qualified institutional buyers of the 29.11 lakh shares reserved for them. High-net-worth individuals bid for 1.33 lakh shares of the 14.43 lakh shares reserved for them, bidding 0.09 times. Retail investors bid for nearly 7.14 times or 68.70 lakh shares of the 9.62 lakh shares reserved. Security and Intelligence Services on Friday raised Rs 350.81 crore ahead of its initial public offering. The company sold 43.04 lakh shares to 18 anchor investors at a rate of Rs 815 per piece.

The IPO is expected to help the company raise about Rs 780 crore. The issue has been priced in the range of Rs 805-815.The company will not receive any proceeds from the offer for sale. The company will use the proceeds of the fresh issue for repayment of a portion of its debts, funding working capital requirements, and general corporate purposes. The company posted a net profit of Rs 91.3 crore for the year ended March 2017, against a net profit of Rs 75.7 crore in the previous financial year.

Security and Intelligence Services is a provider of private security and facility management services in India. As of April 30, 2017, the company has 251 branches in 124 cities and towns in India. It employs 1.48 lakh personnel in India and renders security and facility management services at 11,869 customer premises across India. In Australia, they operate in eight states and employ 5,754 personnel servicing 245 customers. In 2017, companies raised Rs 14,026 crore through IPOs.Listing gains and returns by newly listed companies as also the positive sentiment in the broader market are among the reasons attributed to the trend. BSE, HUDCO, CDSL, Avenue Supermarts, Shankara Building Products and S Chand and Company are some of the companies who completed their IPOs in the last seven months.

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