Moneycontrol Bureau
The Rs 1,040 crore IPO of Mahanagar Gas, the country's second largest CNG retailer, has received overwhelming response from investors on Thursday. The issue has oversubscribed 64.34 times on the final day of offering (at 17 hours IST).
The initial public offer has received bids for 1.11 crore shares against the total issue size of 1.7 crore shares (excluding anchor investors' portion), as per data available with the National Stock Exchange.
The company's IPO was fully subscribed on the first day itself, i.e. on Tuesday.
Mahanagar Gas has garnered Rs 309 crore from anchor investors at higher end of the price band of Rs 380-421 per share.
The company, which is promoted by state-run GAIL and British Gas Asia Pacific Holdings, has launched offer for sale issue of up to 24,694,500 equity shares. Both companies will sell up to 12,347,250 equity shares each in the IPO.
The money raised through the issue will be received by the promoters who will sell their shares.
Kotak Mahindra Capital Company and Citigroup Global Markets India Private Limited are the book running lead managers to the issue.
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