Mahindra Finance IPO over subscribed by 26 times; price fixed at Rs200 per share
27 Feb 2006
Mumbai: Mahindra & Mahindra Financial Services Ltd (Mahindra Finance) has finalised the issue price at Rs200 per equity share of Rs10 each, following its initial public offering of 20 million equity shares.
Mahindra Finance had entered the capital market with a fresh issue of 10 million equity shares and the balance 10 million equity shares were offer for sale by Mahindra & Mahindra and other existing shareholders of the company in a price band of Rs170-Rs200 per share. The issue opened on February 21 and closed on February 24, 2006.
The issue attracted about 2.8 lakh applications and was oversubscribed by about 26 times. The QIB portion was oversubscribed by around 32 times; the non-institutional investors'' portion by about 43 times; and the retail portion by about 10 times.
The shares will be listed on the National Stock Exchange and the Bombay Stock Exchange. The book-running lead managers to the issue were Kotak Mahindra Capital Company and ABN AMRO Securities (India) Private Limited.