C Mahendra Exports’ IPO is oversubscribed 2.78 times

C Mahendra Exports received an oversubscription to its initial public offer (IPO) 2.78 times on the final day of issue – 6th January 2011, reports say. The company had launched the IPO as a Rs 165-crore public offer with 1.5 crore equities on offer, but it received bids of 4.2 crore shares, reports suggest. The IPO generated demand worth around Rs 462 crore.

The issue ended with part reserved for qualified institutional buyers (subscribed 1.02 times), non-institutional investors (subscribed: 3.92 times) and retail investors (subscribed:4.82 times), reports say.

The company had fixed the price band at Rs 95-110 per share.