Indian Energy Exchange IPO Subscribed 0.43 Times On Second Day Of Bidding
The retail segment of the IPO was bid for 0.84 times of the total shares put on offer.
Indian Energy Exchange Ltd.’s Rs 1,000 crore initial public offering was subscribed 0.43 times on the second day of bidding on Tuesday.
The issue received bids for 18.41 lakh shares against 42.45 lakh shares on offer, according to BSE data, according to data shared by Axis Capital, one of the lead bankers.
The retail segment was subscribed 0.84 times the number of shares on offer. The portion reserved for non-institutional bidders was subscribed 0.06 times while the qualified institutional bidder segment was subscribed 0.01 time.
A day ahead of the launch of the IPO, the company had raised a little over Rs 300 crore from 23 anchor investors at the upper end of the IPO price.
The IPO is an offer for sale by shareholders, including private equity funds and Tata Power Ltd., who will sell nearly 60.7 lakh shares, or 20 percent stake, at a price band of Rs 1,645-1,650 apiece.
IEX is the country’s largest power trading platform for physical delivery.
Axis Capital, Kotak Investment Banking, IIFL and Karvy are managing the issue.
