IOC offer for sale fully subscribed

Despite all the apprehensions following the drastic fall in the Indian stock markets, the offer for sale (OFS) of public sector Indian Oil Corporation (IOC) was fully subscribed. Interestingly, the share price of IOC ended at Rs 376.20, below the floor price of Rs 387 set by the government for the OFS.

According to the data available with the National Stock Exchange, the issue was subscribed 1.18 times with the company getting bids for 28.74 crore shares as against the issue size of 24.27 crore shares.

The retail portion of the issue was not fully subscribed with the company getting bids for only about 20 per cent of the total shares reserved for the retail category.

Of the total issue size of 4.85 crore shares for retail investors, the company got bids for only 88.87 lakh shares, implying a subscription of 18 per cent. The issue was perhaps saved by the general category with the category receiving bids for 27.85 crore shares as against the issue size of 19.42 crore shares, implying a subscription of 1.43 times the issue. The government had proposed to sell 24.27 crore equity shares of face value of Rs 10 each of IOC, aggregating to 10 per cent of the total paid-up equity share capital.

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