L&T Infotech IPO is seven-times oversubscribed

L&T Infotech IPO is has received encouraging response from investors. The IPO was over-subscribed by 6.92 times on July 13 ,2016. 

The IPO received bid of around 8,47,58,880 shares as against 1,22,50,000 shares on offer. 

Qualified institutional buyers (QIBs) put in bids for 5,41,19,860 shares oversubscribing their quota by 15.46 times. 

From the total QIB, domestic financial institution (DFI) were largest bidder with 2,75,64,120 shares bid, followed by foreign institutional investors (FII) at 1,72,52,480 shares, mutual funds added 88,44,520 shares and others bid around 4,58,740 shares.

Also, Retail Individual investors (RIIs) was oversubscribed by 2.70 times, at 1,65,65,420 shares from the offered 61,25,000 shares.

Interestingly, non institutional investors rose 5.36 times with bids of around 1,40,73,600 shares versus 26,25,000 shares offered by the company.

It would be the seventh successful IPO this fiscal year. In primary market, IPO has already clocked a 9-year high of Rs. 5,728 crore.