MEP Infra IPO Subscribed 33% on Second Day

Mumbai: Toll management company MEP Infrastructure Developers' initial public offer (IPO) was on Wednesday subscribed 33 per cent on its second day.

The Rs 324-crore public offer received bids for 1,32,36,300 shares against the total issue size of 4,02,89,225 shares reflecting a subscription of 33 per cent, data available with the NSE till 5:00 p.m. showed.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 36 per cent and non-institutional investors category saw a 19 per cent subscription.

The pie for retail investors witnessed a 35 per cent subscription.

"We are raising Rs 324 crore, which we plan to largely utilise for repayment of loans borrowed by our subsidiary MIPL and for general corporate purposes," MEP Infrastructure vice chairman and managing director Jayant Mhaiskar had said earlier.

The issue, which will be listed on the NSE and BSE, will close on Thursday. The company has fixed Rs 63-65 as the price band for the IPO.

According to the company, MIPL has a debt of nearly Rs 2,775.52 crore on its books as on January 31.

The issue is being managed by IDFC Securities, Inga Capital and IDBI Capital Market Services.

The company, along with its subsidiaries, has operated 68 projects with an aggregate of 122 toll plazas and 783 lanes across 12 states.

The is the 5th IPO to have hit the market so far in 2015.