Security and Intelligence Services $122 million IPO subscribed nearly 7 times
Security and Intelligence Services (India) Ltd`s (SIS) 7.8 billion-rupee ($122.5 million) initial public offering (IPO) of shares was subscribed 6.94 times on the last day of the sale on Wednesday, indicating strong interest in the business services provider.
Investors had bid for about 36.9 million shares, compared with about 5.3 million on offer as of 1245 GMT, data from the stock exchanges showed.
SIS, which provides private security and facility management services in India and Australia, is selling new shares in a price range of 805 rupees to 815 rupees apiece to raise 3.62 billion rupees.
Its shareholders are paring part of their stake to raise another 4.17 billion rupees. The IPO raised 3.51 billion rupees from anchor investors.
SIS also provides cash logistics services, including automated teller machine replenishment.
Rising demand for security services from companies as well as residential housing societies and increasing penetration of bank ATMs will drive the businesses of SIS, analysts have said.
Axis Capital, ICICI Securities, IIFL Holdings, Kotak Investment Banking are the lead banks on the IPO. SBI Capital Markets, Yes Securities and IDBI Capital are the other banks managing the sale.
Indian state-run Cochin Shipyard Ltd`s IPO to raise up to 14.68 billion rupees was subscribed more than three times by the second day of the sale. The IPO closes on Thursday. ($1 = 63.6800 Indian rupees)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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