The IPO of Bangalore based Prestige Estates Projects Ltd has received bids for 2.26 times the total number of shares on offer.
According to data from NSE, updated 04:00 PM, the Issue got bids for 12.92 crore shares as against the 5.72 crore shares on offer.
On NSE the Prestige IPO garnered 1.62 times bids, while on both NSE and BSE combined, the oversubscription was to the tune of 2.26 times.
Some investment bankers think that the final figures might be higer, close to 5 times oversubscription.
60% of the bids received was at the cut-off price.
At the NSE, the heaviest demand was from Qualified Institutional Buyers (QIBs), who bid for more than thrice the portion reserved for them. Among various QIBs, Foreign Institutional Investors (FIIs) accounted for more than 98% of bids with the remaining 2% coming from mutual funds, as is customary.
Domestic Institutional Investors (DIIs) were not much active. Bids by Retail Individual Investors were also lower, in tune with the how retail investors were not warming up these days to the primary market.
Also Read: Prestige IPO - Why Under-subscription Can be Misleading for Investors
Also Read: Why Prestige IPO Valuations are Reasonable
Also Read: Prestige IPO - What are the Core Attractions?
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