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Indian Energy Exchange's $154 million IPO subscribed just over 2 times
October 11, 2017 / 1:40 PM / 2 months ago

Indian Energy Exchange's $154 million IPO subscribed just over 2 times

REUTERS - Indian Energy Exchange Ltd’s initial public offering of shares to raise 10 billion rupees ($153.7 million) was subscribed 2.3 times on the last day of the sale on Wednesday.

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 26, 2016. REUTERS/Shailesh Andrade/Files

Investors bid for 11.8 million shares, or 2.25 times the about 5.3 million shares on offer, stock exchange data as of 1300 GMT showed.

Shareholders of the electricity exchange were selling a little over 6 million shares, or 20 percent of the post-issue paid-up capital, in the IPO.

A bunch of local funds bought about 0.8 million shares as IPO anchor investors.

The company said on Wednesday it was reducing the number of shares initially allotted to anchor investors after it was informed of a rule that does not allow subscriptions by foreign portfolio investors.

Axis Capital, Kotak Mahindra Capital and IIFL Holdings were the bankers managing the sale.

($1 = 65.1450 Indian rupees)

Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Devidutta Tripathy and Subhranshu Sahu

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