Allied IPO oversubscribes

Mumbai, July 6 (UNI) The Initial Public Offering (IPO) of Allied Digital Services, a city-based IT player, received an excellent response from investors, being oversubscribed 60.87 times on the closing day yesterday.

The IPO received 275.29 million bids as against issue size of 4.52 million shares on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) both. A total of 53.45 million bids were received at cut off price.

Qualified institutional investors (QII) oversubscribed 74.04 times, non-institutional investors oversubscribed 88.69 times, retail investors oversubscribed 38.08 times and employees subscribed 0.82 times.

The price band for the issue was in the range of Rs 170 to Rs 190 a share. The net issue will constitute 25 per cent of the fully diluted post-issue paid-up capital of the company. The shares of the company will be listed on BSE and NSE.

Allied Digital will utilise the issue proceeds to part finance the capex plans of Rs 950.7 million.

UNI