October 6, 2017 / 1:38 PM / 13 days ago

Godrej Agrovet $178 million IPO subscribed over 95 times

REUTERS - Indian animal-feed producer Godrej Agrovet Ltd’s initial public offering of shares to raise 11.6 billion rupees ($178 million) was subscribed more than 95 times on the last day of the sale on Friday, stock exchange data showed.

Investors bid for 1.72 billion shares, or 95.3 times the about 18 million shares on offer, according to data from the National Stock Exchange as of 1315 GMT.

Godrej Agrovet was selling new shares worth 2.92 billion rupees in the IPO. Its main shareholder Godrej Industries was selling secondary shares of 3 billion rupees, and a unit of Singapore’s Temasek Holdings offered 12.3 million shares.

Anchor investors have already committed to buy 3.41 billion rupees worth of shares as part of the IPO.

Non-banking financial company MAS Financial Services Ltd’s 4.6 billion rupee IPO, which opened for subscriptions on Friday, was fully subscribed on the first day of the sale. The issue closes on Tuesday.

($1 = 65.2550 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru; Editing by Devidutta Tripathy and Subhranshu Sahu

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