Mumbai: The initial public offering of Time Technoplast, which makes and sells polymer products, has been oversubscribed 49.55 times, having got 19.43 crore bids for the 39.21 lakh shares on the last day of the share-sale. The issue got most of the bids from FIIs who subscribed to a large number of bids as more than one crore bids against the total issue size were got at the cut-off price. Till May 22, Qualified Institutional Buyers (QIBs) in the form of FIIs and mutual funds bid for 1.83 crore shares for the 21.9 lakh shares reserved for them, data available on National Stock Exchange show.
The allocated segments for Non-Institutional Investors (3.66 lakh shares) and retail investors (10.98 lakh shares) however remained undersubscribed till May 22. The 100 per cent book-building issue, which has a price band fixed between Rs 290 and Rs 315 per equity share. Stock-broking analysts from Anand Rathi Securities, Religare and Keynote Capitals Research have recommended the issue with a medium to long-term outlook.
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