I am not sure if Finance Minister P Chidambram is awake @ 1:00 AM on Feb-7th, but if he is, he would probably be celebrating the confidence FIIs have in his economic policies. I just received the final SMS which said the recently concluded IPO of Power Finance Corp is subscribed 77.24 times.
Foreign Institutional Investors have bid for a whopping 5.68 Billion shares of PFC against the total offering of 117 Million.
The final subscription figures are as below.
|Sr.No.||Category||No.of shares offered/reserved||No. of shares bid for||No. of times of total meant for the category|
|1||Qualified Institutional Buyers (QIBs)||57408350||7874596640||137.1681|
|2||Non Institutional Investors||17222505||840603600||48.8084|
|3||Retail Individual Investors (RIIs)||40185845||343103680||8.5379|
All retail application bids for over 800 shares will get firm allotment of 80 shares. Going by this subscription rate I am wondering if I should apply for the smaller IPOs or not as fate of every application will be decided by lottery.