Tata Steel FPO : Subscribed 0.48 times on Day 2

by khalid on 20/01/2011 · 0 comments

The FPO of Tata Steel Limited has received a minimal response from the investors with the 2nd day over-subscription figure reached to just 0.48 times on an overall basis. Tata Steel Limited FPO is open on 19th Jan 2011 and will get closed on 21st Jan 2011 for subscription. The FPO has managed to get some what better response from Non Institutional Investors Category where it overbid by 0.97 times on the 2nd day of subscription. The price band for the issue is Rs 594 at lower level and Rs 610 at upper level. It seems that employees are not happy with this FPO as there is no bidder from employees on 2nd day too. Tata Steel Limited (TISCO) is India’s largest steel companies with a steel production capacity of approximately 27.2 mtpa. The Company has a presence across the entire value chain of steel manufacturing, including producing and distributing finished products as well as mining and processing iron ore and coal for its steel production.

The category-wise subscription status of IPO on closing of 1st day is given below:-

Qualified Institutional Buyers (QIBs) : 0.67 times
Non Institutional Investors : 0.97 times
Retail Individual Investors : 0.20 times
Employee Reservations : 0.00 times
Overall : 0.48 times

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 (BRLM) to the offer are Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Pvt Ltd, Deutsche Equities (India) Pvt Ltd, HSBC Securities and Capital Markets (India) Pvt Ltd, RBS Equities (India) Limited. SBI Capital Markets Limited and Standard Chartered Securities (India) Limited.

Registrar of the Issue : Link Intime India Pvt Ltd.

Stay tuned to BelltheBull Blog for more on Tata Steel FPO !

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