Maruti issue oversubscribed
By Our Markets Bureau | 13 Jun 2003
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Mumbai: The initial public offering (IPO) of Maruti Udyog met with an overwhelming response on the day of its opening yesterday. It was oversubscribed 1.46 times at a price averaging 8.6 per cent higher than the floor price of Rs 115 per share, in the evening. The total number of bids received was for 10.5569 crore shares as compared to the offer for sale of 7.22 crore shares, according to information available from the stock exchanges. Of the total bids received, bids for 7.89 crore shares were received through Bombay Stock Exchange brokers and for 2.65 crore shares through National Stock Exchange brokers.
The maximum number of bids was at Rs 120 per share whereas the floor price was Rs 115 per share. The second-highest number of bids was at Rs 122 followed by bids at Rs 118. The syndicate brokers said the maximum bids received at Rs 120 is only indicative and things could change before the issue closes on 19 June 2003.