The Hindu Business Line : UTV Software IPO subscribed 26 times

THE initial public offering (IPO) of UTV Software Communications Ltd, an integrated media and entertainment company, closed on Saturday with a total demand for 26.35 times the issue size of approximately 70 lakh shares, said a company press release.

The company received bids for about 18.5 crore shares. The size of the issue was Rs 91 crore at the upper end (Rs 130) and Rs 80.5 crore at the lower end (Rs 115) of the price band, said the release.

Enam Financial Consultants Pvt Ltd, the merchant bankers to the issue, said it expected the shares to be listed around or on March 18, according to the release.

UTV received 2.80 lakh bids, with the qualified institutional buyers quota being oversubscribed 18.6 times, the non-institutional buyers quota being oversubscribed 35 times and retail 38.6 times, said the release quoting merchant banking sources.

The issue comprised a fresh equity of 45 lakh shares of Rs 10 each and offer for sale by CDPQ, a Canadian private equity investor, of 25 lakh equity shares of Rs 10 each for cash, said the release.

About 3.5 lakh equity shares were reserved for employees on a competitive basis with a net issue to the public of 66.5 lakh equity shares. The net issue to the public constituted 34.11 per cent of the fully diluted post issue paid-up capital of the company.

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UTV Software IPO subscribed 26 times