The initial public offering of Shriram Properties got subscribed 4.63 times on the last day of the offer on Friday, thanks to an overwhelming response from retail investors.
The price band for the offer was ₹113-118 a share. The IPO consists of a fresh issue worth ₹250 crore and an offer for sale of ₹350 crore. The portion reserved for retail individual investors attracted 12.72 times while qualified institutional buyers quota was subscribed 1.85 times and and that of non-institution investors by 4.82 times. Employees, who enjoy a discount of ₹11 a share, have bid for 1.25 times.
The company had raised a little over ₹268 crore from anchor investors on Tuesday. The net proceeds from the issue will be used towards repayment and/ or pre-payment of debt and general corporate purposes.