The IPO from Den Networks limited ‘managed’ to get subscribed with a last ditch effort by non-institutional investors. The issue had opened on Wednesday and closed yesterday. The price band was in the range of Rs 195-205.
Seeing the debacle in the listing of Indiabulls Power Limited, retail investors stayed away from this issue in totality and the retail portion was subscribed a mere 0.0963 times. Details are as follows:-
| QIB | 1.0004 |
| NIB | 4.1244 |
| Retail | 0.0963 |
| Employees | 0.6809 |
| Total | 1.04 |
The sudden burst in non-institutional subscription, the QIB portion being subscribed in the fourth decimal or by a mere 3720 shares clearly shows that things were finally ‘managed’. The total quantity offered to QIB’s was 94,54,980 and subscription received was for 94,58,700.
The book has been subscribed at the lower end of the price band and the discovered price will be Rs 195. This issue was extremely over priced and the muted response and price discovery at the lower end is a vindication of the stand taken advising investors to skip the issue.
