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Central Depository Services $81 million IPO subscribed 170 times
June 21, 2017 / 2:36 PM / 5 months ago

Central Depository Services $81 million IPO subscribed 170 times

MUMBAI (Reuters) - Central Depository Services (India) Ltd’s 5.2 billion-rupee ($81 million) initial public offering of shares was subscribed almost 170 times on the last day of sale on Wednesday, making it the most oversubscribed IPO this year.

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, August 24, 2015. REUTERS/Danish Siddiqui/Files

The sale had received bids for about 4.22 billion shares against 24.8 million shares on offer, according to stock exchange data as of 0145 GMT.

CDSL shareholders including BSE Ltd and State Bank of India were selling 35.17 million secondary shares in a price range of 145 rupees to 149 rupees each.

Anchor investors have already subscribed to 10.3 million shares at 149 rupees apiece as part of the IPO.

Dharmesh Mehta, chief executive at Axis Capital, one of the lead banks on the IPO, said its attractive valuation and stronger business prospects lured investors.

India’s IPO market has been on a roll with companies raising more than $2 billion so far this year, following $4 billion of initial share sales in 2016.

Avenue Supermarts Ltd’s 18.7 billion-rupee IPO in March had been subscribed about 105 times.

Edelweiss, Nomura and SBI Capital Markets were the other banks on the CDSL IPO, along with Haitong Securities, IDBI Capital and Yes Securities.

($1 = 64.5250 Indian rupees)

Reporting by Devidutta Tripathy; Editing by Edmund Blair

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