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Book publisher S. Chand's $114 million IPO fully subscribed
April 27, 2017 / 8:03 AM / 8 months ago

Book publisher S. Chand's $114 million IPO fully subscribed

MUMBAI (Reuters) - Indian book publisher S. Chand & Co Ltd’s initial public offering of shares to raise 7.3 billion rupees ($114 million) was fully subscribed on the second day of the sale on Thursday, stock exchange data showed.

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai, India, August 25, 2015. REUTERS/Shailesh Andrade/Files

The IPO had been subscribed 1.48 times as of 1:00 p.m. (0730 GMT), according to data from the National Stock Exchange.

S.Chand is selling new shares worth 3.25 billion rupees in a price range of 660 to 670 rupees apiece, while its existing shareholders are also selling about six million shares in the IPO. The sale closes on Friday.

JM Financial, Axis Capital and Credit Suisse are the bookrunners for the IPO.

($1 = 64.1075 rupees)

Reporting by Devidutta Tripathy; Editing by Amrutha Gayathri

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