Monday, January 23, 2017

Under the Banyan Tree: Bombay Stock Exchange IPO Takes A Nap

From the Business Standard, Jan. 22:

BSE IPO to open on Monday
BSE on Friday raised Rs 373 crore by allotting shares to anchor investors

will hit the capital market tomorrow with its much-awaited initial public offer, the first by a domestic stock exchange, to raise up to Rs 1,243 crore.

The opens on January 23 and closes on January 25. The stock exchange aims to raise up to Rs 1,243 crore from the IPO, which is priced at Rs 805-806 per share.

During the initial share sale — which is also a first by any company this year — shareholders will sell 15.43 million shares estimated to be around Rs 1,243.44 crore at the higher end of the price band.

The of 15,427,197 shares of face value of Rs 2 each will constitute up to 28.26 per cent of the fully-diluted post offer issued share capital of BSE.

Bids for the issue can be made for a minimum of 18 shares and in multiples of 18 thereafter.

Meanwhile, on Friday raised Rs 373 crore by allotting shares to anchor investors....MORE 
Further details at sptulsian.

HT on both: Alpha Ideas

While the Financial Express says:
Dull response to BSE IPO with no institutional bids; issue subscribed 0.12% so far
BSE IPO got no bids from institutional investors till 3:40 pm. Even the retail investors’ participation remained lukewarm at bids for 0.21% of the shares, while the overall issue subscription remained low at 0.12%...
The banyan tree is part of the origin story of the exchange, similar, I suppose, to the NYSE's buttonwood tree.
Brokers/jobbers being creatures of comfort--no calluses on those hands--they wanted to get out of the sun.