Today, IPO of Microsec Financial Services Limited opens and within hours of opening has achieved full subscription. Even within couple of hours, the IPO was over-subscribed on the first day of the issue.
The company is planning for expansion of Microsec Capital Limited’s (a subsidiary of the company) domestic operations by increase in network of branches and enhancing Microsec Capital Limited’s existing technological capacity. It also plans to use the proceeds for expansion of its financing business.
The issue has been subscribed 1.12 times, a total of 13.94 million equity shares of which 11,336 bids were accessible at a cut-off price as at, 12:00 p.m. The public issue consists of a fresh issue of 12.50 million equity shares of Rs 10 each, for each share in the price band of Rs 113 to Rs 118. Depending on the price discovered, the company plans to Rs 1.41 to Rs 1.48 billion through the public issue.
It received 1.39 crore bids against issue size of 1.25 crore shares. Around 11,336 shares were bid at the cut-off price. The IPOs of Career Point and Eros International have received poor response so far with the issues hardly getting any bids. Both the IPOs will close on 21 September. Newly the IPO of Indosolar was subscribed 1.55 times.