Edelweiss IPO Subscribed Over 5 Times
The Edelweiss Capital initial public offering (IPO) was subscribed over five times.
Edelweiss Capital Limited (ECL), which has entered today in capital market with its initial public offering (IPO) of 83.86 lakh equity shares of Rs. 5 each for cash. The price band has been fixed between Rs. 725 and Rs. 825. The issue will be close on November 20.
As per the NSE website, till 12 pm, the issue of 83.86 lakh shares received 4.38 crore bids. Around 19.88 thousand bids were made at cut-off price.
CRISIL has assigned a CRISIL IPO Grade`4/5` to it.
Mumbai based, Edelweiss Capital Limited was incorporated in 1995. ECL is a diversified financial services company in India, promoted by Rashesh Shah and Venkatchalam Ramaswamy. The company is predominantly engaged in institutional equities broking, investment banking and proprietary arbitrage trading activities. It also has a small presence in insurance broking, asset management and investment advisory services, wealth management and wholesale financing activities.
The fund from the issue will be used for establishment of additional offices and acquisition of office infrastructure, enhancement of existing technological capacity and loan prepayment.
Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited and Lehman Brothers Securities Private Limited are the Book Running Lead Managers to the issue.
Intime Spectrum Registry Limited is the registrar to the issue.