The IPO of Indian industrial conglomerate BS TransComm has been fully subscribed, receiving maximum bids at Rs 248 a share, according to reports.
Last week, the company extended the subscription period of its listing from October 8 to October 13, and cut…
The IPO of Indian industrial conglomerate BS TransComm has been fully subscribed, receiving maximum bids at Rs 248 a share, according to reports.
Last week, the company extended the subscription period of its listing from October 8 to October 13, and cut the indicative price to Rs 248-Rs 257 (US$5.6-US$5.7) from Rs 257-Rs 266 band (US$5.7-US$5.9), as the share sale was under-subscribed.
A few weeks ago, it was reported that the company would kick off its October 6 IPO by issuing about 7.68 million shares.
JM Financial is acting as lead manager for the listing, which was expected to raise about Rs 2bn (US$44m) under the previous indicative price.
BS’ main focuses are the telecom, power, and alternate energy sectors, with clients including telcos Vodafone Essar, Aircel and Reliance.
