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Angel Broking IPO subscribed 4 times on last day of bidding

11:00 PM Sep 24, 2020 | PTI

The initial public offer of Angel Broking was subscribed nearly 4 times on the last day of bidding on Thursday.

The Rs 600-crore public offer received bids for 5,42,64,854 shares against 1,37,70,491 shares on offer, translating into 3.94 times subscription, according to data available with the NSE.

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Category meant for qualified institutional buyers (QIBs) was subscribed 5.74 times, non institutional investors 69 per cent and retail individual investors 4.31 times.

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The initial public offer was of a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore.

Price range for the company's offer was fixed at Rs 305-306 apiece.

Angel Broking on Monday raised nearly Rs 180 crore from anchor investors.

Proceeds of the issue will be utilised for meeting working capital requirements and for general corporate purposes.

Edelweiss Capital, ICICI Securities and SBI Capital Markets are the managers to the offer.

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