The offer for sale by the Government of India of 4,87,08,400 shares in a price band of Rs 87-90 was subscribed. There was a discount of Rs 3 for retail and eligible employee investors. The issue had opened on Wednesday the 21st of March and closed on Friday the 23rd of March. There was no anchor book as is the practice or system in government issues.

The QIB book was subscribed 1.96 times, the HNI book remained undersubscribed at 0.12 times, retail book was undersubscribed at 0.72 times while Employee reservation was undersubscribed at 0.26 times.

MIDHANI is a niche and one of its kind titanium and super alloy maker and counts on who’s who of industry as its clients. It supplies to defence companies like HAL, Bharat Dynamics and BEL, to ISRO and also companies like BHEL etc.

I believe considering the mad rush of IPO’s in the last fortnight of March it would make sense to look at this company post listing in April when madness in global markets has cooled off.

Full details of subscription are given below: –