IPOs closing today fully subscribed despite volatile mkts

The IPOs of broking firm Indo Thai Securities, Transformers manufacturer M and B Switchgears, Aircharter service provider Swajas Air Charters and bulk container manufacturer Flexituff International were over subscribed on the final day of the issue today.

Indo Thai Securities which hit the capital market on September 30 has received subscription of 1.1 times, while Flexituff International, which entered the capital market on September 29, were subscribed 1.14 times, according to the National Stock Exchange.

Besides, IPOs of M and B Switchgears and Swajas Air Charters were oversubscribed by 1.41 times and 1.43 times, respectively.

Analysts tell that full subscription of the four initial share offerings despite volatile market conditions shows that good IPOs are always in demand.

Flexible intermediate bulk containers manufacturer Flexituff International's IPO, worth Rs 100 crore, got bids for 77.1 lakh shares, compared with 67.5 lakh shares on offer. Indo Thai Securities' Rs 34 crore IPO received bids for 43.96 lakh shares, compared with 40 lakh shares on offer.

Transformers manufacturer M and B Switchgears' Rs 37 crore IPO which entered the capital market on September 28 got bids for 70.55 lakh shares, compared with 50 lakh shares on offer.

Air charter services provider Swajas Air Charters' Rs 37.5 crore IPO which hit the market on September 26 has received bids for 63.62 lakh shares against 44.64 lakh equities on offer.

Earlier, Swajas Air had cut its IPO price band to Rs 84-90 per share from 90-100 a piece and also extended its closing to October 5 instead of earlier closing day of September 28 due to poor response.

All the four companies intended to use the proceed for the expansion purpose.

The IPOs of IT firm Taksheel Solutions and financial services firm and Onelife Capital Advisors, which closed yesterday, were over subscribed by 2.99 times and 1.53 times respectively on the final day of the issue.