Dredging Corporation offer subscribed 13 times
By Our Corporate Bureau | 05 Mar 2004
Mumbai: The Dredging Corporation issue has received the highest subscription for a public offer of the government's stake in a big-ticket company. The issue, which had a price band of Rs 385-400 a share, closed yesterday with over 13 times subscription.
This exceeds the 11.3 times subscription received in the CMC offer for sale. Even the Maruti initial public offer had received a subscription of 10 times the issue size. The Dredging Corporation scrip yesterday hit an intra-day high of Rs 500 but closed with a 0.87 per cent gain at Rs 490.95.
Sources said that the 25 per cent retail component of the issue was subscribed almost six times while the 50 per cent institutional component was subscribed 20 times.