Financial Daily from THE HINDU group of publications
Tuesday, Sep 16, 2003
Financial Daily from THE HINDU group of publications Tuesday, Sep 16, 2003 |
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Money & Banking
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IPOs Markets - IPOs IOB issue gets 7 times more subscription Our Bureau
Chennai , Sept. 15 INDIAN Overseas Bank's public issue has been subscribed 6.25 times over, according to sources. The issue, of 10-crore equity shares of Rs 10 each at Rs 24 per share, attracted 4.57 lakh applications. Sources said that against the eight crore shares offered to the public (the other two crore were reserved for institutions and employees) subscriptions were received for around 70 crore shares.The mood among the IOB top brass is upbeat, because when the bank came out with its IPO — an at par issue — in September 2000 for 11-crore shares, the issue was oversubscribed only 1.9 times. In contrast, the current issue, through which the bank would raise Rs 240 crore, could be oversubscribed over seven times.
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