Monte Carlo IPO Subscribed Nearly 8 Times on Last Day of Offer

Mumbai: The initial share sale of Monte Carlo Fashions was subscribed 7.83 times on the last day of the issue on Friday.

The Initial Public Offer (IPO) received over 2.97 crore bids as against more than 38 lakh shares on offer, according to data available with the National Stock Exchange till 2000 hours.

Updated figures on bids received from qualified institutional buyers (QIBs), non-institutional investors and retail individual investors were not immediately available.

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

SBI Capital Markets Limited, Axis Capital Limited, Edelweiss Financial Services Limited and Religare Capital Markets Limited were the book running lead manager to the issue.

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).