Gammon Infra IPO oversubscribed 3.47 times

Mumbai Mar 13 (UNI) The Gammon Infrastructure Projects (GIPL) initial public offer was oversubscribed 3.47 times on receiving bids for 5.74 crore shares on the last day today.

The issue received bids for 5.74 crore shares as against 1.65 crore shares in the price band at Rs 167--Rs 200 per share, according to the data available at NSE.

Nearly 20 lakh bids were received at the cut off price. The issue comprises 1.49 crore shares to the public and a reservation of 16.55 lakh shares for employees.

The company has offered part-payment facility to retail investors and non-institutional investors. The amount payable on submission of the bid-cum-application form is Rs 50 per equity share, with the balance to be paid by due date.

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