Deccan Aviation IPO over-subscribed 1.23 times

Mumbai, May 27 : Deccan Aviation's initial public offer (IPO) closed sucessfully yesterday with an overall demand of over 30 million shares against 24.5 million shares under offer, a press release issued here today stated.

The IPO was subscribed 1.23 times with over-subscription in all categories with the IPO receiving over 66,000 applications. At Rs 150, the book received a demand for approximately 29,795,300 shares.

Even though the book was fully built at Rs 150 in all investor categories, the price was fixed at Rs 148, as a gesture of the company's gratitude and appreciation of investors' support to the offering, especially in the present volatile market conditions, stated the release.

At the issue price of Rs 148, the size of the offering amounts to Rs 363.3-crore.

''We are grateful to investors for endorsing our confidence in Air Deccan's business model and poised to retain our first mover advantage,'' said Deccan Aviation Limited managing director Captain Gopinath.

UNI