BENGALURU: Corporates and high net worth individuals (HNIs) have subscribed most to the much sought after shares of the city-based Quess Corp Ltd , whose initial public offering (IPO) got over-subscribed by a whopping 147 times at the upper-end and 144 times at the lower-end by Friday night. "Corporates subscribed to 75,15,63,945 shares (75 crore plus), with 18,92,744 shares at upper-end (397 times) and 19,16,251 shares at lower-end (392 times) of the Rs 310-317 price band per equity share of Rs.10 each," the company said in a statement here on Saturday.The premium issue was offered at a market lot of 45 shares and in multiples.In contrast, qualified institutional buyers (QIBs) subscribed to 23,03,81,235 shares, with 37,85,490 shares at upper-end (61 times) and 39,03,023 shares at lower-end (59 times).Retail investors subscribed to 424,18,935 shares, with 12,61,829 shares at upper-end (34 times) and 12l77,500 shares at lower-end (33 times). "Of the total 102, 43,64,115 shares, A69,40,063 shares were subscribed at upper-end (148 times) and 70,96,774 shares at lower-end (144 times)," the statement said.Though bidding for QIBs and corporates was closed by 7 p.m., the company is yet to disclose how many more retail investors subscribed to its shares, as retail bidding was kept open till 8 p.m. on Friday. "These results would not have been possible without the team that I work with. The overwhelming response places a tremendous responsibility on us.

Source: Economic Times July 02, 2016 15:11 UTC