The initial public offering (IPO) of textbook publisher S Chand and Company was subscribed 0.52 times on the first day of bidding on Wednesday. The IPO received bids for 39.80 lakh shares against the total issue size of 76.85 lakh shares on offer. The qualified institutional buyers bid 13.27 lakh shares on the opening day of the IPO. High net worth individuals (HNIs) bid for 3.70 lakh shares and retail investors bid for 22.81 lakh shares.
S Chand had raised nearly Rs 219 crore from anchor investors on Tuesday.
The company sold more than 32.62 lakh shares to anchor investors at a rate of Rs 670 apiece.
The education content company S Chand has priced its IPO, aimed at raising Rs 728.55 crore, in a price band of Rs 660 to Rs 670 per equity share. The shares have a face value of Rs 5. The IPO comprises fresh issuance of shares worth Rs 325 crore and an offer for sale (OFS) for Rs 403.55 crore.