The initial public offering (IPO) of Angel Broking has been fully subscribed on the second day of bidding i.e. Wednesday. The Rs 600-crore IPO was subscribed 1.07 times so far today. The issue received bids for 1.47 crore equity shares as against offer size of 1.37 crore equity shares, according to the exchange data.
So far, the portion for retail investors has been subscribed 2.06 times, while the reserved portion of non-institutional investors saw 20.3 percent subscription. However, the quota for qualified institutional buyers hasn't been subscribed yet.
On the first day i.e Tuesday, the issue was subscribed 77 per cent. The public offer received bids for 1.05 crore shares against the issue size of 1.37 crore shares. Non institutional investors category was subscribed 16 per cent and retail individual investors 1.46 times.
Angel Broking's initial public offer comprises a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore. Price range for the offer, which is scheduled to close on Thursday, is at Rs 305-306 per share.
The investors can apply for Angel Broking shares in lots of 49 shares, up to 13 lots (637 shares). At the upper end of its price band, one lot will cost an investor Rs 14,994.
On Monday, Angel Broking raised nearly Rs 180 crore from anchor investors. Proceeds of the issue will be utilised for meeting working capital requirements and for general corporate purposes. Edelweiss Capital, ICICI Securities, and SBI Capital Markets are managing the offer.