Angel Broking IPO subscribed 3.94 times on day 3; Retail investors, QIB oversubscribe their portion

Angel Broking’s IPO was subscribed 3.94 times on the final day of the bidding process till stock market closing. The Rs 600 crore IPO which opened for subscription on Tuesday, was oversubscribed by retail investors as well as qualified institutional buyers (QIB). Despite bearish market sentiment, the issue saw massive response from QIBs on the final day which were largely muted when it came to subscribing the issue on the initial two days of the offer. Angel Broking was one of three IPOs that Dalal Street witnessed this week — all being oversubscribed by investors.

Retail investors bid for shares 4.31 times, oversubscribing their portion of the offer that made available 68,85,246 equity shares to them. Non-institutional investors (NII) failed to fully subscribe to their portion of the issue with bids received only for 69% of the NII portion, which consisted of 29,50,820 equity shares. QIBs were largely non-existent till the final day of the bidding process but in the end managed to subscribe to their portion of 39,34,425 equity shares 5.74 times. 

Also Read: Focus on broking business helped us gain market share, SEBI’s new rules a positive | Angel Broking Interview

The IPO market saw a busy week with three issues being made available for investors. Computer Age Management Services (CAMS) the largest of the three issues was subscribed 46.93 times on closing yesterday. Chemcon Speciality Chemicals IPO was subscribed the most at 148.94 times with full subscription status being achieved in less than 3 hours. All the three equity shares could make their share market debut in early October. Recently, stock markets have seen the bumper listing of Happiest Minds Technologies and Route Mobile. 

However, despite the recent rush of IPOs, the trend is not looking to slow down. UTI Asset Management Company, one of the oldest AMCs in India, today announced that its IPO will open for subscription on Tuesday next week at a price of Rs 552 to 554 per share. The Rs 2,160 crore issue will join Likhitha Infrastructure Ltd’s IPO which opens on the same date at a price band of Rs 117 to 120 per share.