Indian state-run Shipping Corp of India's (SCI.BO) up to $259 million follow-on share sale, one of several offerings by the federal government in this fiscal year to March, got subscribed 2.32 times on Thursday.
The firm, which is selling 84.69 million shares, received bids for 196.88 million shares on the Bombay Stock Exchange and National Stock Exchange, data from the exchanges showed.
The follow on issue, with a price band of 135-140 rupees a share, opened on Nov. 30 and closed on Thursday for qualified institutional buyers. It closes on Friday for all other bidders.
The institutional investors bid for 4.19 times the shares reserved for them, while retail individual investors applied for 0.56 times shares on offer.
The government is selling a 10 percent stake in the shipping services firm and the company is issuing another 10 percent of fresh equity.
On Wednesday, Manganese Ore India Ltd's (MOIL) up to $276 million initial public offering was 56 times subscribed on its final day.
In October, Coal India's record $3.4 billion initial public offering was about 15 times subscribed, while Power Grid Corp (PGRD.BO) $1.7 billion share sale was nearly 15 times covered.
The government plans to raise $8.6 billion through stake sales in the fiscal year that ends in March 2011.
Shipping Corp plans to use the proceeds from the share sale to fund acquisition of nine vessels, of which it will place orders for two very large crude carriers and three containers soon.
The firm, which is selling 84.69 million shares, received bids for 196.88 million shares on the Bombay Stock Exchange and National Stock Exchange, data from the exchanges showed.
The follow on issue, with a price band of 135-140 rupees a share, opened on Nov. 30 and closed on Thursday for qualified institutional buyers. It closes on Friday for all other bidders.
The institutional investors bid for 4.19 times the shares reserved for them, while retail individual investors applied for 0.56 times shares on offer.
The government is selling a 10 percent stake in the shipping services firm and the company is issuing another 10 percent of fresh equity.
On Wednesday, Manganese Ore India Ltd's (MOIL) up to $276 million initial public offering was 56 times subscribed on its final day.
In October, Coal India's record $3.4 billion initial public offering was about 15 times subscribed, while Power Grid Corp (PGRD.BO) $1.7 billion share sale was nearly 15 times covered.
The government plans to raise $8.6 billion through stake sales in the fiscal year that ends in March 2011.
Shipping Corp plans to use the proceeds from the share sale to fund acquisition of nine vessels, of which it will place orders for two very large crude carriers and three containers soon.