After overwhelming response to issue price, Central Depository Services (CDSL) made its debut on exchanges on Friday, June 30. The final issue price is fixed at Rs 149, the higher end of price band.
According to sources, the grey market premium for the stock was around Rs 90-100, which indicated that the listing may be around Rs 225-250 per share.
The Rs 524-crore initial public offering of CDSL, which was opened for subscription during June 19-21, received tremendous response from all types of investors, oversubscribing 170.16 times.
The portion set aside for qualified institutional buyers oversubscribed 148.71 times while non-institutional investors' category comprising high net-worth individuals subscribed 563 times.
The reserved portion of retail individual investors applied for 23.83 times the shares on offer.
It was an offer for sale issue of 3.51 crore shares (representing 33.65 percent of fully diluted post-offer paid-up equity) by selling shareholders BSE Limited, State Bank of India, Bank of Baroda and Calcutta Stock Exchange. Hence, the company did not receive any proceeds of the offer.
Incorporated in December 1997, CDSL is a leading securities depository in India by incremental growth of beneficial owner accounts over the last three fiscals and by the total number of registered depository participants, as at the end of fiscal 2016.
The book running lead managers to the offer were Haitong Securities India, IDBI Capital Markets and Securities and YES Securities (India).
Posted by Sunil Shankar Matkar
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