Pyramid Saimira IPO oversubscribed 16.26 times

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Chennai-based Pyramid Saimira, the theatre chain, which entered capital market with an initial public offering, IPO of 84.44 lakh shares of Rs 10 each for cash at a premium to be decided through book building process, close for subscription.

The issue oversubscribed 16.26 times, as per the NSE website.

More than 13.71 crore bids received by the issue wherein around 3.75 crore bids at cut off price.

The issue received good response from investors wherein QIB's portion oversubscribed 15.31 times, non-institutional investors's portion 30 times and retail investors oversubscribed 15 times.

Subscription Details

Investors	Times
Qualified institutional buyers	15.31
Non institutional investors	29.79
Retail individual investors	14.47
Employee Reservation	0.88
Total	16.26

 

 

 

The price band was at Rs 88-100 per equity share.
 
The company currently runs 148 screens and the IPO is expected to fund the expansion plan in the north, apart from consolidating its theatres in the south.

The plan is to touch 350 screens by March 2007 with 9.60 million square feet under operational management as the company follows a long-term lease model, as not the acquisition route.

The equity shares will be listed on Bombay Stock Exchange and National Stock Exchange.

The book running lead manage to the issue is Keynote Corporate Services and Cameo Corporate Services is the registrar.