The fresh issue from Quess Corp Limited which closed on Friday received excellent response from all segments and was oversubscribed a massive 144.50 times. Earlier the company had allotted 73.48 lac shares to 25 anchor investors comprising of 44 entities. The issue was in a price band of Rs 310-317 and was to raise Rs 400 crs. The allocation was 75% for QIB’s, 15% for HNI’s and 10% for retail.

The QIB portion was subscribed 59 times while the HNI portion was subscribed 392 times. The demand generated for the issue from HNI’s amounts to Rs 23,520 crs or almost 59 times the IPO size of Rs 400 crs. The rate of interest in the previous issue was 8% and it appears many of the HNI’s have been able to renegotiate the same to between 6.5%-7%. The interest cost per time at 7% works out to Rs 166 per share while at 8% the same works out to Rs 190. Currently the grey market premium justifies the 7% rate while leveraged investors borrowed at 8% are currently out of pocket.

The detailed subscription is given below:-

The number of applications received in the issue is 7,30,183 which means that on the basis of applications the retail portion is subscribed 26.04 times.