Motilal Oswal IPO subscribed 1.96x on day 1

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The IPO of Motilal Oswal Financial Services received an excellent response from investors and was subscribed 1.96 times on the day of opening today.

Reserved portion of qualified institutional investors has subscribed 3.33 times followed by mild response from HNIs and retail investors.

The issue of 2,982,710 equity shares of Rs 5 each in the price band of Rs 725 to Rs 825 per eouity share closes on August 23, 2007. The issue constitutes 10.50% and the net issue will constitute 10% of the post issue paid-up capital of the company.

Citigroup Global Markets India Pvt. Ltd is the sole BRLM for the issue.

Motilal Oswal Financial Services, a Non Banking Financial Company (NBFC), is a well-diversified financial services firm offering a range of financial products and services such as retail wealth management (including securities and commodities broking), portfolio management services, institutional broking, venture capital management and investment banking services.

Motilal Oswal Financial Services is the holding company and it operates through four subsidiaries, namely, Motilal Oswal Securities Limited (MOSL), Motilal Oswal Commodities Brokers Private Limited (MOCB), Motilal Oswal Venture Capital Advisors Private Limited (MOVC) and Motilal Oswal Investment Advisors Private Limited (MOIA).