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Naukri IPO oversubscribed 55 times
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November 03, 2006 14:45 IST
The scaling of the 13,000 peak by the benchmark index Sensex has lead to a spurt in the primary arkets as well with Info Edge India Ltd, owner of job portal, receiving a massive response to its public offer.

The company's IPO has been oversubscribed by 54.76 times. It has received a total of about 29.15 crore (291.5 million) bids for its offer of 53.23 lakh equity shares of Rs 10 each, according to the information available on stock exchanges.

Info Edge, which also runs matrimony website, plans to raise between Rs 154-174 crore (Rs 1.54-1.74 billion), based on the price band of Rs 290-320 per share.

The issue, which closed on Thursday, saw an overwhelming response in the Qualified Institutional Buyers portion, especially from Foreign Institutional Investors.

QIB portion has been oversubscribed by 84 times. FIIs alone have bid for 17.47 crore (174.7 million) shares against the 28.74 lakh shares reserved in the QIB portion.

While the retail portion received bids of more than 12 times of the reserved 14.37 lakh shares for the section, the non-institutional investors portion was subscribed by more than 68 times.

The offer consists of 53.23 lakh equity shares, of which 5.32 lakh shares are reserved for employees. The issue would constitute 19.50 per cent of the fully-diluted post issue paid-up capital of the company.

Info Edge would utilise the funds to purchase or lease real estate for its offices, to acquire companies and to develop alternate delivery models.

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