Sheela Foam IPO oversubscribed nearly 4 times

Sheela Foam IPO on the last day of its issue got oversubscribed by 3.91 times. 

The IPO received cumulative bids of over 2,05,79,400 shares against the 52,50,001 equity shares offered.

On NSE, the qualified institutional buyers (QIB) quota got subscribed by 7.74 times with bids of 1,16,04,020 shares versus 15,00,001 shares issued. No domestic financial institution has opted for this IPO throughout its issue.

Non-institutional investors quota got subscribed by 1.34 times on NSEwhile retail institutional investors subscribed 8% bids with only 2,05,360 shares against the offered 26,25,000 shares.

The company plans to raise Rs 510 crore from this IPO.

The IPO opened on November 29, 2016 and is available till December 01, 2016, at price band between Rs 680-Rs 730.

This would be the 20th IPO to enter the primary market in the current fiscal year (FY17).