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Taksheel IPO oversubscribed 1.18 times amid volatile mkt

The initial public offering of IT firm Taksheel Solutions was over subscribed by 1.18 times on the third day of the issue today, while other IPOs struggled to attract investors.

October 03, 2011 / 09:17 PM IST
 
 
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The initial public offering of IT firm Taksheel Solutions was over subscribed by 1.18 times on the third day of the issue today, while other IPOs struggled
to attract investors.


The company's Rs 80-crore IPO received a total of 64.99 lakh bids against 55 lakh shares on offer, according to the data available with the National Stock Exchange.


Taksheel Solutions' IPO is the only issue that is over subscribed among the six IPOs in the market at present. 


At the third day of the issue, Flexituff International, manufacturer of flexible intermediate bulk containers got subscription of 63%. The company's Rs 100 crore IPO got bids for 42.22 lakh shares, compared with 67.5 lakh shares on offer.


Transformers manufacturer M and B Switchgears' and financial services firm Onelife Capital Advisors which entered to the capital market on September 28 have received subscription of 23% and 49% respectively on
their fourth day.


Analysts attributed poor show of the IPOs to highly volatile stock market and aggressive pricing issue. However, they feel even in such condition good IPOs are always in demand.


"The market condition is very volatile but good IPOs are always in demand," Geojit Financial Services Research Head Alex Mathew said.


Onelife Capital advisors' Rs 90 crore IPO received bids for 16.55 lakh shares, compared with 33.5 lakh shares on offer; while the IPO of M and B Switchgears' Rs 37 crore issue has got bids for 11.25 lakh shares as against 50 lakh equities on offer.


Stock broking company Indo Thai Securities was subscribed by 0.05 times on its second day. The company's IPO received bids for 2.14 lakh shares, compared with 40 lakh shares on offer.


Air charter services provider Swajas Air Charters' IPO received bids for 65,700 shares against 44.64 lakh equities on offer.


The company continued its poor show at the sixth straight day despite it had cut its IPO's price band to Rs 84-90 per share and had extended the issue by five more trading session till October 5.


Earlier, the company's price band was Rs 90-100 a piece and extended closing to October 5 instead of earlier closing day of September 28.

All the five companies intended to use the proceed for the expansion purpose and the issues will be closed between October 4-5.

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