The Hindu Business Line : IBP issue oversubscribed 2.5 times

THE public offer of IBP has been oversubscribed 2.5 times. The issue received bids for 1.43 crore shares compared to the issue size of 57.58 lakh shares.

The maximum bids were received at floor price of Rs 620. According to investment banking sources, around 80,000 retail applications were received. The offer price of IBP issue is likely to be announced on Tuesday in consultation with the Government.

The other two issues, IPCL and CMC have already closed. Other two issues open are Dredging Corporation and GAIL.

Among the IPOs that opened on Monday, Power Trading Corporation issue received excellent response and it was oversubscribed two times on the first day. The maximum bids were received at Rs 16, the higher price band for the issue.

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IBP issue oversubscribed 2.5 times