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Rentomojo, Karamtara IPOs Draw Strong Investor Demand
Several companies in India offered shares to the public through IPOs.
Investors placed many more orders than the number of shares available in some offerings.
Rentomojo received the strongest demand, with orders for nearly 73 times its available shares.
Karamtara Engineering was also heavily oversubscribed, at more than 62 times.
LCC Projects, Steamhouse India and Arcil also received much more demand than supply.
Manipal Payment and Identity Solutions received enough orders to cover its offering.
Manika Plastech and Veegaland Developers crossed the amount needed to fully subscribe their offerings during their bidding periods.
These figures show that many investors were interested in buying shares in new Indian companies.
Rentomojo’s Rs 1,256-crore IPO was subscribed 72.88 times, with bids for 158.68 crore shares against 2.17 crore shares offered.
Karamtara Engineering’s Rs 875-crore IPO was subscribed 62.63 times, receiving bids for 159.17 crore shares against 2.54 crore shares.
LCC Projects, Steamhouse India and Arcil recorded subscriptions of 48.51 times, 30.49 times and 20.10 times, respectively.
Manipal Payment and Identity Solutions’ IPO was subscribed 1.42 times, while Manika Plastech and Veegaland Developers also crossed full subscription during their ongoing offerings.
The subscription levels across the offerings indicated strong investor demand in India’s primary market.
- Who
- Investors and the companies Rentomojo, Karamtara Engineering, LCC Projects, Arcil, Steamhouse India, Manipal Payment and Identity Solutions, Manika Plastech, and Veegaland Developers.
- What
- Multiple initial public offerings received strong demand, led by Rentomojo and Karamtara Engineering.
- Where
- India’s primary market.
- When
- The completed offerings closed on Friday; Manika Plastech began bidding Friday, and Veegaland Developers was on its second bidding day.
- Why
- The offerings attracted strong investor demand, with several receiving substantially more bids than shares available.
Key facts
- Rentomojo subscription
- 72.88 times; 158.68 crore shares bid for 2.17 crore shares offered.
- Karamtara Engineering subscription
- 62.63 times; 159.17 crore shares bid for 2.54 crore shares offered.
- LCC Projects subscription
- 48.51 times; 101.52 crore shares bid for 2.09 crore shares offered.
- Steamhouse India subscription
- 30.49 times; 114.74 crore shares bid for 3.76 crore shares offered.
- Arcil subscription
- 20.10 times; 74.19 crore shares bid for 3.69 crore shares offered.
- Manipal Payment subscription
- 1.42 times; 1.85 crore shares bid for 1.30 crore shares offered.
- Other active offerings
- Manika Plastech was subscribed 1.42 times on its first day, while Veegaland Developers reached 1.15 times on its second day.
Sources
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