Monte Carlo IPO Over-Subscribed on 2nd Day of Issue

Monte Carlo IPO Over-Subscribed on 2nd Day of Issue

Mumbai: The initial public offer of Monte Carlo Fashions Ltd was over-subscribed 1.71 times on the second day of offer today.

The public offer received bids for over 65 lakh shares as against more than 38 lakh shares on offer, stock exchanges' data showed.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 1.77 times, while non-institutional investors portion got subscribed 0.07 times. Retail individual investors category was subscribed 2.38 times.

Monte Carlo plans to raise about Rs 350 crore through IPO which closes tomorrow. The price band of the issue has been fixed at Rs 630-645.

The company has mopped up Rs 105 crore from anchor investors. Monte Carlo allotted more than 16.29 lakh shares to anchor investors at the price of Rs 645 apiece.

The offer constitutes 25 per cent of the post offer paid-up equity share capital of the company. The company was launched in 1984 as an exclusive woollen brand by Oswal Woollen Mills Ltd (OWML).

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