Top Five QIP's Which Have Performed Well
Gaurav Girdhar / 02 Sep 2014
Qualified Institutional Placement (QIP) is a route through which companies dilute their stake to the institutions foreign or domestic. Companies use it for raising money. We give you the top five QIP’s which have performed well since their allotment. QIP Data has been taken since January 2014- August 2014
| Company | QIP Issue price (Rs) | Price (Rs) as on 1st September 2014 | % Change |
|---|---|---|---|
| State Bank of India | 1565 | 2522.05 | 61.15 |
| SKS Microfinance | 225 | 307.50 | 36.66 |
| Idea Cellular | 134 | 173.10 | 29.17 |
| ITD cementation India | 365 | 407.55 | 11.65 |
| Yes Bank | 550 | 609.05 | 10.73 |
State bank of India: India’s largest bank raised Rs 8032 crore in January 2014 at a price of Rs 1639.35 per share (upper band of the issue) diluting 3.4 % government’s stake to 58.6% from 62 %. The bank sold 5.13 crore shares in this QIP issue. The upper band for the issue was Rs 1629.35, however it was allotted at Rs 1565 as the lower price band of the issue. It gave a return of 61.15 %.
SKS Microfinance: Microlender, SKS Microfinance raised Rs 400 crore in May’2014. It allotted 1.77 crore equity shares to QIP’s. The issue was subscribed over three times indicating a confidence in the company’s and the sector’s fundamentals. It diluted 14% stake raise the funds. Post the QIP the net worth of the company crossed Rs 800 crore as against Rs 459 crore pre issue. It gave a return of 36.66%.
Idea Cellular: Idea cellular raised Rs 3000 crore through its QIP issued in June’2014. The company offered 22.39 crore equity shares at Rs134 per share. The overall allocation of the issue to foreign institutions was 62% and to domestic institutions 38%. It gave a return of 29.17%.
ITD Cementation India: ITD Cementation India raised Rs 150 crore through QIP route. It had a floor price of Rs 365 per share. It gave a return of 11.65%.
Yes Bank: Yes Bank raised Rs 2942 crore by issuing 5.35 crore shares at Rs 550 per share through the QIP route. This QIP issue resulted in dilution of 12.9% on the expanded capital base. It gave a return of 10.73%.
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