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Monday, February 22, 2010

Man Infra IPO overbid 60 times; sets 2-year record

The 56,25,150 equity shares initial public offering (IPO) of Man Infraconstruction has received highest subscription in the last two years, especially after Reliance Power IPO (which was subscribed over 73 times). The issue, which closed today, has been subscribed 60.44 times, as per data available on the NSE website.

Qualified and non-institutional investors supported the issue; their reserved portion got subscribed 11.62 times and 9 times, respectively till February 19.

The company plans to raise upto Rs 141.75 crore from this issue at the higher price band, which will be used for purchase of capital equipment.

It had already received commitment of Rs 24.5 crore from the anchor investors (AIs), who subscribed for 9,72,000 equity shares at Rs 252 per equity share, at higher end of price band of Rs 243-252.

Man Infra provides construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects. As on December 31, 2009, the company’s order book, on a consolidated basis, stood at Rs 20,209.25 million spread across the construction sectors.

The equity shares of the company would be listed on NSE and BSE. The book running lead managers to the issue are Edelweiss Capital Limited and IDFC-SSKI Limited.

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