March 21, 2018 / 1:34 PM / 3 months ago

India's Sandhar Technologies $79 million IPO subscribed over six times

(Reuters) - Indian automotive parts maker Sandhar Technologies Ltd’s initial public offering (IPO) of shares to raise 5.12 billion rupees ($79 million) was subscribed more than six times on the last day of the sale on Wednesday.

Investors bid for about 66.7 million shares, or 6.13 times the 10.9 million shares on offer, data as of 1320 GMT showed.

Sandhar was selling new shares to raise 3 billion rupees in the IPO, while shareholder GTI Capital Beta was offloading 6.4 million shares. Fifteen anchor investors have already subscribed to 1.54 billion rupees worth of shares as part of the sale.

ICICI Securities and Axis Capital are managing the IPO.

Real estate developer Karda Constructions Ltd’s IPO to raise about 774 million rupees, which also closes for subscription on Wednesday, was subscribed 2.5 times.

here

State-run Mishra Dhatu Nigam Ltd's up to 4.38 billion rupee IPO, which opened for subscriptions on Wednesday, was subscribed 26 percent on the first day of the sale. here The IPO closes on Friday.

($1 = 65.2100 Indian rupees)

Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Subhranshu Sahu

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