CIFL’s Rs. 400 m IPO scrapes thru’
The Rs. 400 million Initial Public Offering (IPO) of Central Investments and Finance Ltd., (CIFL) had managed to be oversubscribed in a small margin.
Registrars SSP Corporate Services said yesterday that the IPO drew 5,255 applications worth only Rs. 427 million, reflecting an oversubscription of only Rs. 27 million.
The IPO made available 40 million shares at Rs. 10 each. Though it was a scrape through, analysts said the IPO came at a time when market was highly depressed hence it managing an oversubscription was commendable.
Applications with payments made by bank draft and cheques amounted to 5,250 requesting for 37.63 million shares worth Rs. 376.4 million. There had been only five applications with payments via bank guarantee requesting for 5.05 million shares worth Rs. 50.5 million.
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