Sanghvi Forging and Engineering Limited which had tapped the capital markets with its IPO in a price band of Rs 80-85 was subscribed on the last day. The issue was for Rs 3690.02 lacs and the and at the lower end of the issue price band would consist of 46,12,525 shares while at the upper end of the price band would be 43,41,200 equity shares.
There were no bids from QIB’s and in the end it was the retail to a large extent and HNI’s partially who supported the issue. In fact it would not be incorrect to say that the entire issue got subscribed by retail alone and the oversubscription came from HNI’s.
The details of the subscription level in various categories are given below: –
| Category | Shares Offered | Shares Subscribed | Times |
| QIB | 2306262 | 0 | 0 |
| NII | 691879 | 1260280 | 1.82 |
| Retail | 1614384 | 4736620 | 2.93 |
| Overall | 4612525 | 5996900 | 1.3 |
Yet another IPO is completed where the QIB’s have stayed away but retail investors have subscribed to the same very enthusiastically. Apparently the retail are having more knowledge of the issue and about the company then other categories of investors. I believe the temptation to make a few quick bucks from IPO listing or Listing gains is so appealing that people are prepared to lose the principal amount.
One wishes all the applicants in the above IPO all the best and I would sincerely hope and pray that God be with them.
