CL Educate fully subscribed and counting
DSIJ Intelligence / 22 Mar 2017
After a blockbuster listing of D-Mart IPO, the CL Educate (CLE) issue also got fully subscribed on the last day of its subscription process.
After a blockbuster listing of D-Mart IPO, the CL Educate (CLE) issue also got fully subscribed on the last day of its subscription process. And the number of bidding is increasing during the day and the IPO might get even oversubscribed by multiple times at the end of the bidding process.
According to data available with NSE at 1230pm, the Issue received 34.4 lakh bids, which were 1.03 times the issue of 33.32 lakh shares on Wednesday. Qualified institutional buyers (QIBs) and retail investors were seeing bidding for the issue, but demand from HNIs was tepid.
CL Educate has allotted 14.28 lakh equity shares worth Rs 71.69 crore to anchor investors including Sundaram Mutual Fund, Canara HSBC Oriental Bank of Commerce Life Insurance Company, DSP Blackrock MicroCap Fund and ICICI Lombard General Insurance Company.
CL Educate plans to sell a fresh issue of 21.80 lakh shares, besides an offer for sale (OFS) of up to 25.79 lakh shares by the existing shareholders in Rs 500-502 apiece price range. The minimum bid quality is 29 shares and in multiples thereafter.