Shares of Star Health and Allied Insurance Company will be listed on the bourses on Friday. All eyes on the listing, as the company was forced to reduce the public issue size to Rs 6,400 crore from Rs 7,250-crore, as it got bids only for 79 per cent. However, the company has fixed the IPO price as Rs 900 a share, at the upper end of the price band of Rs 870-900 a share.
Promoters and selling shareholders had decided to cut their offer for size from Rs 5,250 crore to Rs 4,000 crore (to about 4.89 crore shares from original 5.83 crore shares).
However, Rakesh Jhunjhunwala, who along with his wife holds over17 per cent in the company, did not participate in the OFS.
The proceeds from the fresh issue will be used to augment the company’s capital base.
IPO Screener: Shriram Properties IPO subscribed 1.63 times, thanks to retail participation
The initial public offering of Shriram Properties, which opened for public subscription on Wednesday, will close today. So far, retail investors have been showing immense interest in the IPO, as the portion reserved for them saw a robust subscription of 8.35 times. The price band of the issue has been fixed as Rs 113-118 and the market lot is 125 shares.
The quota reserved QIBs and Non-institutional investors subscribed 0.12 times and 0.18 times only. Overall, the issue has been subscribed by 1.63 times, as employee portion saw bids for 0.78 times.
The Rs 600-crore issue comprises a fresh issuance of equity shares worth Rs 250 crore and an offer for sale (OFS) of Rs 350 crore. The issue includes a reservation for employee worth Rs 3 crore and they will receive at a discount of Rs 11 a share on the final issue price. Staff portion was subscribed 0.36 time.
The company plans to utilise the net proceeds from the fresh issue towards repayment and/ or pre-payment of debt and general corporate purposes.
Anchor investors
On Tuesday, Shriram Properties raised a Rs 268.64 crore from anchor investors. The company has decided to allot 2.28 crore shares to anchor investors at Rs 118 a share. BNP Paribas Arbitrage, Societe Generale, SBI Life Insurance Co Ltd, HDFC Life Insurance Company, Sundaram Mutual Fund (MF), Aditya Birla Sun Life MF, and HDFC MF are among the anchor investors.
MapmyIndia issue subscribed 2 times
Issue closes for subscription on Monday; Retail, HNIs portion fully covered
The Rs 1,040-crore initial public offering of CE Info Systems Ltd (MapmyIndia) subscribed over two times on day 1 itself. The company, which powers Apple maps, received bids for 1.42 crore shares, as against 70.44 lakh shares on offer.
The company has fixed the price band for its IPO at ₹1,000- 1,033. The issue will close on December 13. Minimum bid quantity is 14 shares.
The offer is purely an offer for sale of 1 crore equity shares by promoter Rashmi Verma (42.51 lakh shares) and selling shareholders Qualcomm (27.01 lakh shares) Zenrin Co Ltd (13.70 lakh shares).
The portion reserved for retail investors was subscribed 3.28 times and that of NIIs (non institution investors) by 1.17 times. However, QIB portion received bids 0.46 times.
Anchor investors
CE Info Systems that operates popular site MapmyIndia.com on Wednesday raised Rs 311.88 crore from 34 anchor investors. The company in consultation with merchant bankers has decided to allot 30.19 lakh shares to anchor investors at Rs 1,033 a share.
Among the marquee investors included global funds such as Fidelity, Nomura, Goldman Sachs, HSBC Global, Morgan Stanley, University of Notre Dame DU LAC, Volrado Venture, Aberdeen Standard Asia Focus Plc, Theleme India Master Fund, Pinebridge Global Funds and Alchemy Leaders. Besides, domestic majors such as SBI Mutual Fund, HDFC Trustee Company, ICICI Prudential, Aditya Birla Sun Life Trustee, Nippon Life, HDFC Life Insurance, Tata AIA Life Insurance, Tata Mutual Fund, Sundaram Mutual Fund, IDFC MF, and Edelweiss Trusteeship have also participated in the anchor book.
While half of the issue size has been reserved for Qualified Institutional Buyers, 15 per cent has been reserved for Non-Institutional Bidders and 35 per cent of the offer shall be available for allocation to Retail Individual Bidders.
CE Info Systems Limited is a data and technology products and platforms company, offering proprietary digital maps as a service (“MaaS”), software as a service (“SaaS”) and platform as a service (“PaaS”). It is one of the leading providers of advanced digital maps, geospatial software and location-based IoT technologies.
The mapping tech company has over 2,000 customers across map-as-a-service, software-as-a-service (SaaS), IoT solutions and application programming interface (API).