How was the final response from subscribers to the IPO of Shriram Properties which closed on 10-December?

The subscription for the Shriram Properties IPO closed on the evening of Friday 10th December with a reasonably good response from investors. Out of the total 293.52 lakh shares on offer across all categories in the Shriram Properties IPO, total valid bids for 1,351.22 lakh shares were received in total. This translates into an overall subscription of 4.60 times at the close; largely dominated by the retail investor category.

Let me first begin with the qualified institutional bidder (QIB) category. A day prior to the IPO opening, Shriram Properties did an anchor placement 227.67 lakh shares at the upper price band of Rs.118 per shares. These shares were allocated to 34 anchor and helped the company to raise 269 crore. Some of the standout anchors were Nomura India Fund, Pioneer Investment Fund, Sundaram Mutual Fund, Nippon India Fund, HDFC MF etc

Let us now turn to how the 3 categories of investors saw applications for the Shriram Properties IPO in specific numbers.

· The QIB portion was reduced by the anchor allocation and offered a total of 158.50 lakh shares. It got a total bids of 293.45 lakh shares till the close of the issue and that implies a subscription rate of 1.85 times for the residual QIB category.

· The HNI (non-institutional investor) portion got valid bids for 382.13 lakh shares against the available quota of 79.25 lakh shares in the HNI category. This translates into a subscription rate of 4.82 times in the HNI category.

· Finally, the retail portion, with 10% quota allocation, was subscribed 12.72 times. Out of the 52.83 lakh shares available on offer in the retail category, Shriram Properties got valid bids for 671.97 lakh shares

The IPO of Shriram Properties has closed for subscription on 10th December 2021.