NMDC FPO subscribed 80% on day 2

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NMDC FPO subscribed 80% on day 2

The follow-on public offer of NMDC, a navratna public sector undertaking, has been subscribed 79% on day two, as per data available on the NSE website.

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The follow-on public offer of NMDC , a navratna public sector undertaking, has been subscribed 79% on day two, as per data available on the NSE website. 

The 33,22,43,200 equity shares issue, which will close on March 12, has received bids for 26.09 crore equity shares. Most of the bids were at Rs 300 per share. 

The reserved portion of qualified institutional investors (QIBs) got subscribed 1.56 times. Domestic financial institutions including insurance companies and banks covered 98.7% of QIBs portion. There were no applications from mutual funds. Non-institutional and retail investors' portion remained undersubscribed.

The price band is at Rs 300-350 per share. The offer comprises a net offer to the public of 330,500,000 equity shares of face value Re 1 each and a reservation of 1,743,200 equity shares for purchase by eligible employees. The offer shall constitute upto 8.38% of the post offer paid-up equity share capital of the company.