A worker labors as the two towers of Trump Tower Mumbai stand under construction. (Photographer: Dhiraj Singh/Bloomberg)  

HG Infra Engineering IPO Subscribed 5 Times On Last Day 

The initial public offer of HG Infra Engineering Ltd. was subscribed 5 times on the last day of bidding.

The IPO, to raise Rs 462 crore, received bids for 6,02,90,505 shares against the total issue size of 1,21,37,070 shares, translating into a subscription of 4.97 times, data available with the National Stock Exchange of India Ltd. till 7.00 p.m. showed.

The portion meant for qualified institutional buyers was subscribed 8.37 times, non institutional investors 4.97 times, and retail investors 3 times, merchant banking sources said.

The IPO consists of a fresh issue of up to Rs 300 crore, and an offer for sale of up to 60 lakh shares. The issue was offered in a price band of Rs 263-270. SBI Capital Markets and HDFC Bank Ltd. are managing the IPO.

Till yesterday, the IPO was subscribed 44 percent. HG Infra Engineering garnered over Rs 138 crore from anchor investors last week.

Proceeds of the IPO will be utilised towards purchase of capital equipment, repayment of certain indebtedness, and for other general corporate purposes.