The initial public offerings of Computer Age Management Services Ltd (CAMS) and Chemcon Speciality Chemicals Ltd were heavily oversubscribed on Wednesday while Angel Broking Ltd’s share sale also crossed the finish line.
The IPO of Warburg Pincus-backed CAMS was covered 47 times as it received bids for more than 600 million shares for the 12.83 million shares that were on offer at the end of bidding, stock-exchange data showed.
Retail investors’ quota was subscribed 5.4 times while the portion set aside for non-institutional investors such as corporate houses and high-net-worth individuals (HNIs) was covered almost 112 times.
Institutional investors placed bids for 73 times the shares reserved for them, stock-exchange data showed.
The IPO of CAMS, a back-end processor for mutual funds, was covered 82% on Monday and sailed through on Tuesday.
Vadodara-based Chemcon’s share sale was covered almost 150 times at the end of the issue after receiving bids for 977 million shares in response to its offering of 6.56 million shares.
Retail investors bid for over 40 times their quota while the portion set aside for non-institutional investors was covered a staggering 450 times. Institutional investors’ category was subscribed 113 times.
The IPO of Chemcon, which makes speciality chemicals for the pharmaceutical and oilfield industries, had crossed the finish line on the first day of the issue and was covered more than 12 times on Tuesday.
Meanwhile, Angel Broking’s IPO also managed to clear the ropes on Wednesday.
The public offering of 13.77 million shares, excluding the anchor allotment, was subscribed 1.46 times after receiving bids for more than 20 million shares, stock-exchange data showed.
The quota of shares reserved for retail investors was covered 2.8 times. Non-institutional investors placed orders for about 26% of the shares reserved for them. Institutional investors didn’t bid for a single share, the data showed.
The IPO had crossed the three-fourth mark on the first day on Tuesday led by bids from retail investors.
Angel Broking’s IPO closes Thursday. It is seeking a valuation of Rs 2,500 crore ($340 million) from the IPO.
The IPO comprises a fresh issue of shares worth Rs 300 crore and a secondary market sale of nearly 9.81 million shares. At the upper end of the price band, the secondary sale will be worth Rs 300 crore. The offer will result in roughly 24% stake dilution on a post-issue basis.
Promoters Ashok D. Thakkar and Sunita Magnani are selling a portion of their holding. Some individual shareholders, including members of the Thakkar family, as well as International Finance Corporation (IFC) are also selling shares.
IFC will sell about 3.92 million shares out of 12.927 million shares (17.95% stake pre-IPO) for Rs 120 crore. Its post-IPO holding will be about 9 million shares (11.01% stake) after factoring the fresh issue of shares in the IPO.
IFC had picked up a 12.5% stake in Angel Broking in 2007 for Rs 150 crore. The deal valued Angel Broking at Rs 1,200 crore then. IFC’s stake increased to 17.95% stake after a bonus issue in March 2018.