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Power Finance IPO – Heavily Subscribed

February 7, 2007

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.

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