Geophones and seismic cables manufacturer HGS India attracted massive demand for its maiden public issue that saw a 231.18 times subscription on November 3, the final day of bidding.
The company tapped capital markets to raise funds up to Rs 34.56 crore via initial public offering (IPO) of 28.8 lakh equity shares at a fixed issue price of Rs 120 apiece.
The IPO included fresh issue of 23.26 lakh equity shares along side an offer-for-sale of 5.54 lakh shares by existing shareholders including promoters.
Investors have placed bids for 47.77 crore equity shares in the last three days from October 30, against offer size of 20.66 lakh shares via 1.21 lakh applications.
Non-institutional investors were at the forefront to boost subscription numbers, bidding 425.02 times their allotted quota. The parts set aside for retail investors and qualified institutional buyers attracted 235.7 times and 137.9 times subscription, respectively.