Overview

• Shares were priced in a Rs 223–235 band and the fully fresh Rs 2,800 crore issue drew bids for 14.36 crore shares, reflecting a 2.08 times subscription.
• Qualified Institutional Buyers bid for 3.30 times their allocation while non-institutional investors and retail portions filled at 55 percent and 72 percent, respectively.
• A grey market premium of Rs 1 above the cap price points to an estimated 0.43 percent listing gain.
• Proceeds will retire Rs 2,016 crore of debt and allocate Rs 671 crore toward acquiring a cryogenic LPG terminal at Mangalore, with the balance for general corporate purposes.
• Allotment is scheduled May 29 and shares will debut on the BSE and NSE on June 2, marking a milestone for India’s largest third-party liquid and LPG storage operator.