Inox Wind which had tapped the capital markets with its primary offer for Rs 700 crs and an offer for sale of 1cr shares was subscribed 18.60 times. The issue had opened on Wednesday the 18th of March and closed on Friday the 20th March. The price band was Rs 315-325. The anchor portion which was upto 60% of the QIB portion was fully allotted. The QIB portion was 50%, HNI 15% and retail portion 35%.

The subscription from retail was interesting as slowly but surely they are understanding that in issues which would be subscribed the terms of allotment make it such that it is sensible to bid for just one lot. The issue saw applications from 4,10,449 people. When one considers that the retail application was 2,42,17,245 and considering that 449 applications were for other categories, it means that 4.10 lac people bid for 242.17 lac shares at 59 shares apiece. The lot size was 45 shares or in other words average retail application was 1.25 lot.

The success of this IPO at subscription time is a welcome sign and coming after the poor listing of an earlier IPO and a dismal subscription by yet another is a breath of fresh air and keeps hopes alive for the impending pipeline of IPO’s waiting to tap the capital market.