Primary markets are witnessing a rush of IPOs recently which have helped investors pocket bumper gains.
On the second day of bidding for the three initial public offerings (IPO) that are currently open for subscription, the already oversubscribed Likhitha Infrastructure and Mazagon Dock added to their tally while UTI AMC’s IPO was subscribed over 57% till stock market closing. Retail investors have so far oversubscribed Mazagon Dock and Likhitha Infrastructure IPOs. For UTI AMC, retail investors have subscribed to over 92% of their portion. Primary markets are witnessing a rush of IPOs recently which have helped investors pocket bumper gains. Among all the issues in the primary market so far this month, retail investors have oversubscribed their portion.
UTI AMC’s IPO is the largest of the three issues currently active on the market. The Rs 2,160 crore issue has so far seen qualified institutional buyers (QIB) subscribe to 25% of their portion while non-institutional investors (NII) have so far bid for 18% of their quota of over 58 lakh shares. The mega issue of the AMC only includes an offer for sale (OFS) from existing shareholders and no fresh issue, which means that the firm will not be getting any funds from the IPO. Retail investors have subscribed their portion 92%, while employees of the company have subscribed to 59% of the shares offered to them. In all the issue has been subscribed 0.57 times so far.
The state-run Mazagon Dock Shipbuilders IPO entered day two already oversubscribed, helped by a strong rush of domestic investors. Today, till market closing, the issue has been subscribed 5.81 times. Retail investors, after having oversubscribed their portion on day one by quite a strong margin, went on to oversubscribe their portion of the issue by 11.37 times. NIIs too have oversubscribed the issue, bidding for their portion 3.16 times while QIBs followed closely behind at 2.10 times subscription.
Likhitha Infrastructure’s issue is the smallest of the three at just Rs 61 crore. Retail investors had oversubscribed the issue already on day one. Today the subscription tally of the retail investor portion was at 5.93 times when stock markets closed. NIIs too had oversubscribed their portion of the issue 3.10 times while QIB subscription was at 20% of their portion. Total subscription of the issue was at 2.55 times.
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