Mahindra Holidays IPO: 2 cr shares bid at upper end

The initial public offering (IPO) market has found one big applicant Mahindra Holidays. The subscription for the IPO ends today. The issue has been oversubscribed by about three times. The issue size is 92.65 lakh shares and 2 crore shares have come in at the higher end of the price band about 90 lakh shares in the lower end of the price band, reports CNBC-TV18's Gautam Broker.
Also read: IPO issue well worth the price, says Mahindra Holidays
Here is a verbatim transcript of Gautam Broker's comments on CNBC-TV18. Also watch the accompanying video.

The subscription figure have picked up as we had imagined. The total subscription stands now at 3.13 times, so the issue has been oversubscribed by about three times. The issue size is 92.65 lakh shares and 2 crore shares have come in at the higher end of the price band about 90 lakh shares in the lower end of the price band, so the issue has gone through and people have subscribed at the higher end of the price band. There were concerns earlier that the valuations do not look as attractive and hence the issue might face some difficulties but those concerns have been allayed.

This has panned out exactly as per management has said because until yesterday evening the IPO had been subscribed just by about 0.9 times, it had not gone through and the management Mr. Arun Nanda had come on our channel earlier in the day and said that the subscription figures would pick-up substantially and that's exactly what has happened. He said they have Rs 26 crore investment, 1,200 rooms, zero debt and 500 crore of current assets and they have put in a lot on the table for investors to pickup and investors have taken their call perhaps.