Apollo Microsystems which closed its IPO issue today has bagged the record of over 200 times subscription mainly due to non-institutional investor class which bade for closely 1000 times the portion reserved for them.
The data with the exchanges showed that as at the end of third bidding day the company received bids for 1,02,63,79,000 shares as against the issue size of 41,44,955 shares.
Non-institutional category made bids for 82.75 crore shares as against the reserved quota of 8.6 lakh shares while institutional investors bid for 101 times the portion reserved for them by making bids for 11.74 crore shares as against 11.5 lakh shares reserved for them. Retail category however bade for 40 times the amount reserved for them.
This is the fourth company to receive a subscription over 200 times after Sankhya Infotech that came up with its Rs. 1.67 crore IPO in the year 2000 and Salasar Techno Engineering and Astron Paper that hit the primary market last year.
Apollo Microsystems, a Hyderabad-based defense hardware supplying entity aims to raise a total of Rs. 156 crore. The price band for the issue was set at Rs. 270-275. Through the issue, the company will offload 27.4% stake at the upper price band.
The issue was given a Subscribe rating by few of the brokerage houses based on the long term fundamentals of the company.