Religare Enterprises IPO Over Subscription
Religare IPO oversubscribed 5.95 times
Religare Enterprises (REL), a financial services company, received overwhelming response to its initial public offer (IPO) on the very first day. The IPO oversubscribed 5.95 times, led by qualified institutional investors
Religare Enterprises (REL) IPO, a financial services company, received 3.42 times oversubscription for its initial public offer (IPO) within first 5 hours after opening. The IPO received 25,879,350 bids as against issue size of 7,576,102 shares. A total of 1,390,095 bids were received at the cut off price.
The issue opened today and will close on Nov. 1, 2007. The price band is fixed between Rs 160 to Rs 185 a share.
REL is promoted by Ranbaxy Laboratories and the issue is graded by ICRA with an IPO Grade 3 on a 5 point scale. The equity shares of the company, offered through this IPO, are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
As on Sep. 30, 2007, REL had 6 regional offices and 40 sub-regional offices across 392 cities and towns controlling 1,217 business locations (managed by it along with its business associates), all over India as well as a representative office in London.
