Shipping Corporation of India (SCI) FPO : Finally subscribed 4.92 times

by khalid on 04/12/2010 · 0 comments

The FPO of Shipping Corporation of India (SCI) has received a minimal response from the investors with the final over-subscription figure reached to just 4.63 times on an overall basis. Shipping Corporation of India (SCI) FPO was open on 30th Nov 2010 and get closed on 3rd Dec 2010 for subscription. The IPO has managed to get some what better response from Retail Individual Investors Category where it overbid by 6.56 times on the final day of subscription. The price band for the issue was Rs 135 at lower level and Rs 140 at upper level. SCI Limited is a public sector undertaking (PSU) of the Indian Government. Shipping Corporation of India Ltd (SCI) is India’s largest shipping companies handling around 35% of market share. SCI holds “Navratna” status. Shipping Corporation of India owns a fleet of 74 vessels of 5.11 million dead weight tonnage (DWT) and has ordered 29 vessels which will be operational in next 3 years.

The category-wise subscription status of IPO on closing day is given below:-

Qualified Institutional Buyers (QIBs) : 4.19 times
Non Institutional Investors : 3.67 times
Retail Individual Investors : 6.56 times
Employee Reservations : 0.15 times
Overall : 4.92 times

The IPO proceeds would be used to part funding the equity portion for the acquisition of certain vessels and general corporate purposes.

The equity shares offered through the IPO are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The Book running lead managers to the issue are ICICI Securities Limited, IDFC-SSKI Private Limited and SBI Capital Markets Limited.

Registrar of the Issue : Karvy Conputershare Private Limited, Hyderabad.

Stay tuned to BelltheBull Blog for more on Shipping Corporation of India (SCI) FPO !

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