The offer for sale from Fine Organics Limited was subscribed 8.99 times. The company had tapped the capital markets with its offer for sale of 76.64 lakh shares in a price band of Rs 780-783. Earlier the company had allotted 22,99,497 equity shares to 15 anchor investors comprising of 22 entities.

QIB portion was subscribed 12.85 times, HNI portion was subscribed 21.01 times and retail portion was subscribed 1.62 times. There were 2,04,660 application forms which means the retail portion in terms of number of lots was subscribed 1.45 times. The overall subscription levels in comparison to RITES and the retail were in stark contrast and reflect over valuations. The performance of the recently listed Galaxy Surfactants Limited were weighing on the minds of investors. That issue was very well received and opened with substantial premium, only to drift down and currently trade with losses of over 12%.

The tow merchant bankers involved with Fine Organics were there in Galaxy as well and there was a third one in the case of Galaxy in the form of ICICI Securities. Its high time merchant bankers took a cue from RITES and left something on the table for investors.

The full details of subscription are given below: