Mahindra Holidays & Resorts India Ltd has fixed the issue price at Rs 300 per share for its initial public offering of 92,65,275 shares of Rs. 10 each. The 100% book-built issue opened on June 23 and closed on June 26.
The price band was fixed between Rs 275 and Rs 325 per equity share. The size of the issue stood at Rs 301.12 crore at the upper end of the price band and Rs 254.80 crore at the lower end of the band.
The issue was subscribed 9.8 times with QIB portion subscribed around 12.83 times; HNIs around 11.01 times and Retail around 3.3 times. At the top end of the price band (i.e. Rs. 325) the overall issue was subscribed 7.13 times with QIB bucket 8.56 times, retail investors’ portion 3.36 times. The issue received bids for 9,08,33,800 shares as against issue size of 92,65,275 shares, as per data available on the NSE website.
“I am delighted with the overwhelming investor response which demonstrates acceptance of the product concept and the business model of the company and faith in the Mahindra Group Management,” said Arun Nanda, Chairman, Mahindra Holidays.
The issue had been assigned 4 out of 5 IPO grading by Fitch Ratings reflecting ‘above average fundamentals’ of the Issue relative to other listed equity securities.
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