Mumbai: Ingersoll-Rand’s offer for sale (OFS) was subscribed 2.7 times by non-retail investors on Tuesday. The OFS opens for retail investors on Wednesday.
Bids for a total of over 3.5 million shares were received for an offer size of 1.28 million shares for non-retail investors. The floor price for the OFS was set at Rs 578.60 per share, a 12% discount to the stock’s closing price of Rs 657.5 on Monday. The highest confirmed bid received was for Rs 616.
Ingersoll-Rand’s stock declined by 6.35% to close at Rs 615.75 per share on the BSE on Tuesday.
The company has reserved 10% of the total offer size, or 142,580 shares for retail investors, who will be offered 12% discount on the cut-off price. Cut-off price means the lowest price at which the shares were sold in the non-retail category on Tuesday.
The company’s promoter group proposed to sell over 14.25 lakh shares, constituting 4.52% paid-up share capital of the company, through an OFS to comply with markets regulator Sebi’s minimum public shareholding regulation.
Ingersoll-Rand (India) Limited is primarily engaged in the business of manufacturing and sale of industrial air compressors of various capacities and related services, and its complete machines and spare parts. Its manufacturing plant is located in Naroda, Gujarat.
Credit: Stocks-Markets-Economic Times