SENSEX   31290.74    7.10  (0.02%)       |  NIFTY   9630.00    -3.60  (-0.04%)  |  Gold   28658.00    81.00  (0.28%)    |  Silver  38690.00   219.00 (0.57%)

Latest News:

S Chand IPO oversubscribed 1.43 times on 2nd day

By
S Chand

New Delhi: The initial public offering of textbook publisher S Chand and Company was oversubscribed 1.43 times till afternoon trade on the second day of the offer on Thursday.

The IPO received bids for 1,09,64,624 shares against the total issue size of 76,85,284 shares, data available with the NSE till 1200hours showed.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 2.68 times, while that for non-institutional investors was subscribed 24 per cent.

The retail investor category was also oversubscribed 1.14 times.

S Chand had raised nearly Rs. 219 crore from anchor investors on Tuesday.

The price band for the offer is Rs. 660-670 a share. The IPO comprises fresh issue of equity shares up to Rs. 325 crore. Besides, existing shareholders of the company, including Everstone Capital, would collectively sell 6,023,236 shares worth Rs. 403.5 crore, taking the total IPO size to Rs. 728.5 crore.

The initial share sale would close tomorrow.

Proceeds from the issue would be utilised for repayment and prepayment of loans as well as for general corporate purposes. The loan amount includes those taken by its subsidiary for funding the acquisition of Chhaya Prakashani.

JM Financial Institutional Securities, Axis Capital and Credit Suisse Securities (India) Pvt Ltd are the merchant bankers to the offer.

Last year, the company had acquired 74 per cent of the outstanding share capital of Chhaya Prakashani Pvt Ltd.

The company offers 53 consumer brands across knowledge products and services, including S Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor.

Comments (0)

No comments yet.


Leave a comment

(required)

No trackbacks yet.

??????