The initial public offer of Mahindra Holidays & Resorts got over-subscribed nearly four times on the final day of offer today till 1300 hrs, with most of the bids coming in from institutional investors.
According to the latest data available on the National Stock Exchange, the IPO got subscribed 3.93 times till 1300 hrs on the final day of offer on Friday.
The issue received bids for over 3.64 crore (36.4 million) shares as against 92.65 lakh (9.265 million) shares on offer. The issue, which began on June 23, generated demand close to Rs 1,184 crore (Rs 11.84 billion) at the end of the upper end of the price band.
The price band for the issue has been fixed between Rs 275 and Rs 325. The company plans to utilise the issue proceeds in business expansion, which includes setting up of new projects.
"The participation of the institutional investors in the IPO signals a revival in the IPO market. However, retail investors are still in double minds are waiting for the NHPC and OIL IPO to enter the market," SMC Capitals Equity Head Jagannadham Thunuguntla said.
Till 1300 hrs on Friday, the portion reserved for qualified institutional buyers was subscribed 5.66 times, while the high net worth individuals bid for 3.20 times of the shares reserved for them. However, retail investors portion was subscribed 0.71 times only, he said.
