The Hindu Business Line : CMC issue oversubscribed over 10 times

AFTER the successful completion of IPCL public offer, it was the turn of CMC issue to receive excellent response from the investing community as it was oversubscribed over 10 times.

According to the latest data available from the stock exchanges, the issue of CMC was oversubscribed 10.44 times with bids for 4.15 crore shares being received compared to the issue size of 39.76 lakh shares. The public offer opened on February 23 and closed today.

Out of the total bids, the maximum bids (for 2.39 crore shares) were received at Rs 485 compared to the floor price of Rs 475. At the floor price, the issue received bids for 50.49 lakh shares. The third highest bid for 38.24 lakh shares was at the cut-off price, which means that these investors agree to purchase the shares at the discovered price fixed by book runner in consultation with the Government.

The final price of the issue is expected to be decided by the book runner- HSBC Securities and Enam Financial Consultants on Monday in consultation with the Government.

The other three public offers — IBP, GAIL and Dredging Corporation — which are open continued to receive good response from the investors.

GAIL issue, which was oversubscribed 1.08 times on the first day, received more application today and till late evening the issue was oversubscribed 1.43 times with maximum bids at the floor price of Rs 185.

IBP issue was oversubscribed 1.43 times and Dredging Corporation issue was oversubscribed 1.55 times, according to the stock exchanges data.

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