Mumbai, Dec. 11: Credit Analysis and Research Ltd (CARE Ratings) has received an overwhelming response to its initial public offering, receiving subscriptions of over Rs 17,500 crore against the Rs 504 crore that it had proposed to raise at the lower end of the price band.
On a day when the share float of Bharti Infratel opened for subscription, the IPO of CARE Ratings attracted bids for 25.01 crore shares against over 61.19 lakh shares that were on offer.
Data from the stock exchanges showed that the issue was thus subscribed around 41 times. Market circles expect the ratio to go up when all the bids are collated.
While the category reserved for qualified institutional buyers (QIBs) was subscribed over 33 times, the non-institutional investors' portion received nearly 10 times subscription. Shares reserved for the retail category was subscribed 2.48 times.
CARE Ratings had fixed the price band at Rs 700-750 per share. The IPO opened for subscription on December 7.
The strong response for the IPO came even as the country's largest issue (Bharti Infratel) in around two years opened for subscription.
Bharti Infratel Ltd, the tower company from the Sunil Mittal group, made a modest start when around 15 per cent of the issue was subscribed. The company is offering over 16.05 crore shares through the IPO. It received bids for over 2.45 crore shares. Most of the bids came from the QIB community.