The issue from Pennar Engineered Building Systems Limited which had tapped the capital markets with its fresh offer for Rs 58 crs and offer for sale of 55,16,141 shares in a price band of Rs 170 to 178 was subscribed. The issue was steeply priced and with secondary markets falling on the China meltdown, retail investors stayed away. It appears HNI investors were swayed and requested to apply on the basis of no loss.

The details of subscription are given below:-

From the table it becomes clear that the retail subscription was indeed poor and the IPO team had to put in a herculean effort to get the required amount. Listing day will be another story.