Long-only funds, FIIs comprise 60-65% of EIL FPO: ICICI Sec

The follow-on public offer of Engineers India has received a good response. The issue has been subscribed over 13 times overall. The demand for the issue was almost same at each price level of the price band of Rs 270-290 per share. Qualified institutional investors' (QIBs) reserved portion got subscribed 23.43 times.

ICICI Securities Ltd, HSBC Securities & Capital Markets India Pvt Ltd, IDFC Capital Ltd and SBI Capital Markets Ltd are book running lead managers to the issue.

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In an interview with CNBC-TV18, Madhabi Puri Buch, MD & CEO, ICICI Securities, gave her perspective on how the issue has fared.

Below is a verbatim transcript. Also watch the accompanying video.

Q: The FPO has clearly caught the fancy of investors, could you take us through the various segments of retail, QIB and HNI and how the final response has been?

A: It has been very encouraging right across, of course the QIB book closed two days ago and there was an overall subscription of a little over 23 times. Today the retail book closed at about 2.35 times and the HNI book at just under 6 times. So, overall a very good response from all segments.

Q: Let's talk about the QIB portion because that seems to have been subscribed at a healthy 23 times. I know you can’t reveal names just yet but what about the quality of investors who have come on board?

A: We are exceedingly satisfied. Roughly about 60% to 65% has come in through the long only funds and the foreign investment institutions, the institutional investors. And the other 35% to 40% has come in through the domestic institutions including the mutual funds, the insurance companies, the private sector banks, the public sector banks, a really diversified set of investors and a very good set of quality names.