Published on Monday, August 24, 2015 by Dilip Davda | Modified on Friday, November 1, 2019
IOC OFS that opened for online bidding on Monday i.e. 24.08.15 has passed through hard time as the market collapsed by nearly 6% and all counters were in red due to heavy sell-off from across the board.
Despite such disaster, IOC OFS got little over 1-time subscription. Retail portion, however, remained heavily undersubscribed indicating that panic in the market kept them away from bidding. IOC had offered 242795247 shares to dilute 10% stake of GoI in the company.
| Total Cummulative Bidded Qty | Subscription | % of Total |
|---|---|---|
| Total | 28,74,45,801 | 118.39% |
| 100% Margin | 2,16,11,625 | 8.90% |
| 0% Margin | 26,58,34,176 | 109.49% |
| Non Retail Portion | Subscription | % of Total |
| Total | 27,85,58,707 | 143.41% |
| 100% Margin | 1,27,24,531 | 6.55% |
| 0% Margin | 26,58,34,176 | 136.86% |
| Retail Portion | Subscription | % of Total |
| Total | 88,87,094 | 18.30% |
Indicative Price (Rs.): 387.00
LTP: 378.25
The indicative price has been the same as floor price announced for this OFS. Based on the last traded price, investors have ended with a notional loss on their investment on day one for non-retail investors. For retail investors, due to 5% discount, based on indicative price, their investment cost per share will be around Rs. 367.65 and thus, they have been the gainers.
Dilip Davda is a veteran financial journalist associated with the Indian stock market since 1978. He has been contributing to print and electronic media on capital markets, insurance, and finance since 1985.
He is widely recognized for reviewing public issues and non-convertible debentures (NCDs) in the primary market. Drawing on over three decades of market experience and close interaction with merchant bankers, his reviews focus on detailed fundamental and financial analysis of companies, with a special emphasis on SME public issues.
Dilip Davda
SEBI Registered Research Analyst – Mumbai
Registration No.: INH000003127 (Perpetual)
Email: dilip_davda@rediffmail.com
Disclaimer: The information provided herein is solely for educational and informational purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. Readers are advised to consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. The author does not intend to invest in the securities discussed.
