The low-end pricing reflected the fact that many institutional investors were willing to participate only if the valuation was kept towards the cheap end and that non-institutions, retail investors and even the companyÆs own employees shunned the deal altogether.
The tranches earmarked for the latter three categories were all undersubscribed, while institutional investors asked for 10.9 times the shares set aside for them, according to the National Stock Exchange of India website. In total, the deal was 6.7 times covered when the order books closed last...
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