Mumbai: The mega initial public offer of real estate major DLF Ltd, through which the developer is expecting to garner Rs9,625 crore ($2.3 billion), got subscribed 2.36 times in the first hour of 14 June, its last day of offer.
The issue received 413 million bids for its 175 million equity shares on offer, the data available on the stock exchanges show.
The issue, which had opened on 11 June, will close at the end of working hours on 14 June. The company got a decent response on 13 June from qualified institutional buyers, with the portion reserved for them getting subscribed over three times. However, the portion reserved for retail investors remained undersubscribed.
A total of 12.6 million bids have been received at the cut off price on 14 June.
Billionaire K P Singh-promoted DLF, which is offering 175 million equity shares through 100% book-building process, has fixed the price band at Rs500-550 a share.
The mega-issue would make it among the 10 largest firms on the bourses with a value of Rs93,700 crore on the upper band.
The issue will constitute 10.27% of the fully diluted post-issue capital of the company.