Allcargo IPO oversubscribed 1.44 times | india | Hindustan Times
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Allcargo IPO oversubscribed 1.44 times

Allcargo Global Logistics public issue was oversubscribed 1.44 times within one day of its offer on the bourses.

india Updated: Jun 02, 2006 12:46 IST

Allcargo Global Logistics public issue was oversubscribed 1.44 times within one day of its offer on the bourses.

Allcargo, a Mumbai-based logistics service provider, is planning to raise Rs 130-150 crore from the capital market through its initial public offer of 20.79 lakh equity shares.

On the first day itself the issue was oversubscribed by 1.07 times primarily given by subscription from qualified institutional buyers (QIBs) and retail investors.

The company had set the price band at Rs 625-725 per share and the 100 per cent book-building issue will close on June 6.

The QIBs have already subscribed 1.83 times till yesterday evening, however retail buyers subscribed only 2,673 shares against 6.08 lakh shares reserved for them.

According to the red herring prospectus filed with the Securities and Exchange Board of India earlier this month, Allcargo holds a 49.99 per cent stake in Belgium-based Ecu Hold NV, which is the holding company of Ecu Line NV, leading global non-vessel owning common carrier (NVOCC).