Mishra Dhatu Nigam’s IPO Subscribed 0.26 Times On First Day Of Bidding
Day 1 Subscription
- Qualified institutional buyers: 0.46 times
- Non-institutional bidders: Nil
- Retail investors: 0.11 times
- Overall: 0.26 times
Mishra Dhatu Nigam Ltd.'s Rs 438 crore initial public offer was subscribed 0.26 times on the first day of bidding today.
The IPO of the state-owned firm received bids for 1.25 crore against the total issue size of 4.87 crore shares, NSE data showed.
The portion set aside for qualified institutional buyers was subscribed 0.46 times, and the retail investors' portion was subscribed 0.11 times. The government will sell 4.87 crore shares, or 26 percent stake, in the speciality steelmaker at Rs 87-90 apiece to raise up to Rs 438 crore. The non-institutional buyers' segment received no bids.
Midhani is the leading manufacturer of special steels and the only maker of titanium alloys in India. These are used by aerospace, power generation, nuclear, defence and other general engineering industries. The company caters to products that constitute less than 1 percent of the global steel market.
SBI Capital Markets and IDBI Capital Markets & Securities are managing the issue.
Also Read: Mishra Dhatu Nigam's IPO: Here's All You Need To Know
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