Even as the retail investors stayed away from the NMDC follow on public offer, the issue got fully subscribed on the final day. It received a subscription of 1.24 times of the issue size as reflected at the National Stock Exchange on Friday.
The company said there was no lack of investor interest per se, and an issue of this size would always have a high percentage of institution investment.
“It is inevitable that an issue this large will see large participation from qualified institutional buyers and insurance companies but I don’t think the individual investor stayed away from this,” said Rana Som, CMD of the company.
“Lot of domestic and some foreign institutional investors invested into the issue,” said a source close to the development.
According to the NSE demand graph, most of the subscriptions received were at the lower end of the price band at Rs 300.