Idea IPO over subscribed 42 times

New Delhi: The initial public offer of Idea Cellular was subscribed over 42 times on the last day of its offer and the 90.96 lakh-share IPO of New Delhi-based AMD Metplast opened on Thursday.
The offer carrying a price-band of Rs 65 to Rs 75 per share plans to mop up funds aggregating Rs 2,125 crore, excluding a green shoe option of Rs 318.75 crore.
Idea Cellular IPO was subscribed over 42 times receiving 1372.98 crore bids for its offer of 32.69 crore equity shares.
On Wednesday, the offer received robust investor response especially the QIBs with the portion reserved for them getting oversubscribed by over 12 times.
The IPO which opened today that of AMD Metaplast, provider of packaging solutions for the beverage industry, opened to raise funds to the tune of Rs 76 crore at the upper end of its Rs 65-75 price-band.
It received 20.14 lakh bids for the 90.96 lakh of Rs 10 each shares on offer.
The IPO would close on February 23. AMD Metplast has decided to exploit the increasing growth in the domestic market, it is setting up a new project to manufacture PET preform (27gm) having a total capacity of 2700 MT per annum.
Chartered Capital and Investment is the lead manager to the issue.

Source: ibn live