Today is the last day to subscribe for Metro Brands Limited’s initial public offering (IPO). The issue was subscribed 52 per cent on the second day of its issue on Monday.
It received bids for 99,49,320 shares against 1,91,45,070 shares on offer, according to data available with the BSE. While the category reserved for retail investors was subscribed 87 per cent, the portion for non-institutional investors was subscribed 17 per cent and that for qualified institutional buyers (QIBs) by 16 per cent.
The IPO, which has a fresh issue of ₹295 crore and an offer-for-sale of up to 2.14 crore equity shares, comes at a price range of ₹485-500 a share. The market lot is 30 shares.
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The Rakesh Jhunjhunwala-backed company last week raised over ₹410.25 crore from anchor investors. The company has allotted 82.05 lakh equity shares to anchor investors at ₹500 apiece, to anchor investors who included Societe Generale, Goldman Sachs, Abu Dhabi Investment Authority, HDFC Life Insurance Company, SBI Life Insurance Co Ltd, Tata AIA Life Insurance Co Ltd, HDFC Mutual Fund (MF), Aditya Birla Sun Life MF, Sundaram MF and ICICI Prudential MF.
Proceeds of the fresh issue will be used towards expenditure for opening new stores of the company, under the ‘Metro’, ‘Mochi’, ‘Walkway’ and ‘Crocs’ brands and for general corporate purposes.
Medplus Health IPO subscribed 70%
Pharmacy retail chain Medplus Health’s IPO was subscribed 70 per cent on the first day itself on Monday. The price band of the issue ₹780-796 and investors can bid for a minimum of 18 equity shares.
The ₹1,398-crore offer, which ends on Wednesday for public subscription, comprises of fresh issuance of equity shares worth ₹600 crore and an offer for sale (OFS) of up to equity shares aggregating up to ₹798.30 crore by the promoter and existing shareholders.
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While the retail portion was subscribed 1.29 times, QIBs portion got 0.06 times and NII category 0. 16 times. The issue includes a reservation of equity shares worth ₹5 crore for the company’s employees who will receive those shares at a discount of ₹78 per share to the final issue price. The quota reserved for them was subscribed 0.76 time. Proceeds of the fresh issue will be used for funding the working capital requirements of the company’s subsidiary, Optival.
Ahead of the issue, MedPlus Health has raised ₹417.98 crore from anchor investors. The company has allotted 52.51 lakh equity shares to anchor investors at ₹796 apiece, who included Abu Dhabi Investment Authority, BlackRock Global Funds, Fidelity, Nomura, Goldman Sachs, Morgan Stanley, HFFC Life Insurance Company, ICICI Prudential Life Insurance Company and SBI Life Insurance Co Ltd, SBI Mutual Fund (MF) and Aditya Birla Sun Life MF.
Data Patterns issue opens today
The IPO of Chennai-based Data Patterns (India), a vertically integrated defence and aerospace electronics solutions provider catering to the indigenously developed defence products industry, will open for public today. The price band for the offer has been fixed as ₹555–585 a share. Investors can bid for a minimum of 25 equity shares and in multiples of 25 equity shares thereafter.
The public issue comprises a fresh issue of ₹240 crore and an offer for sale of 59,52,550 equity shares by the promoter and individual selling shareholders. The company has raised ₹176 crore from anchor investors ahead of its initial share by allotting 30.16 lakh shares at ₹585 a share.
The anchor book has seen strong participation from domestic mutual funds (HDFC MF, ICICI Pru MF, Axis MF, Kotak MF, Birla MF, Nippon MF, FT MF, Tata MF, PGIM MF and IIFL MF), life insurance companies (HDFC Life and Tata AIA Life) and other institutional investors (Nomura Funds, White Oak Capital and Enam).
Data Patterns core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation and verification. Its involvement has been across radars, underwater electronics/communication and other systems, electronic warfare suites, avionics, small satellites, automated test equipment, COTS and programmes catering to Tejas Light Combat Aircraft, Light Utility Helicopter, BrahMos and other Communication and Electronic Intelligence Systems.