The Shriram Properties IPO saw a strong response from retail investors on day 1 (Wednesday) of subscription itself, taking the overall subscription to 0.89 times. This issue comprises a fresh issuance of equity shares worth ₹250 crore and an offer for sale (OFS) of ₹350 crore.
The price band of the issue has been fixed as ₹113-118. The Shriram Properties IPO will conclude on December 10 and the market lot is 125 shares. The portion reserved for retail investors was subscribed 4.85 times even as QIBs (nil) and non-institutional investors (0.04 times) remained lacklustre.
The Shriram Properties IPO includes a reservation for employee worth ₹3 crore and they will receive at a discount of ₹11 a share on the final issue price. Staff portion was subscribed 0.36 time. The company plans to utilise the net proceeds from the fresh issue towards repayment and/ or pre-payment of debt and general corporate purposes.
On Tuesday, Shriram Properties raised a ₹268.64 crore from anchor investors. The company has decided to allot 2.28 crore shares to anchor investors at ₹118 a share.
BNP Paribas Arbitrage, Societe Generale, SBI Life Insurance Co Ltd, HDFC Life Insurance Company, Sundaram Mutual Fund (MF), Aditya Birla Sun Life MF, and HDFC MF are among the anchor investors.