L&T Infotech IPO over-subscribed on first day

L&T Infotech in its first day of initial public offering (IPO) got over-subscribed by 1.23 times, at 1,51,22,100 shares from the 1,22,50,000 shares that were on offer.

Qualified institutional buyers (QIB) witnessed bids of nearly two times more of what was on offer. 

Domestic institutional investors's quota in QIB was subscribed 1.76 times against the reserved 35,00,000 shares.  From the total, foreign institutional investors bid stood at 50,42,360 shares; while that of DFI was around 11,26,760 shares.

Retail institutional investors (RII) also got oversubscribed by 1.38 times, receiving bid of around 84,47,560 shares from 61,25,000 offered.

It was non-institutional investors which saw less attention. The institution received 0.19% around 50,420 shares  of the total 26,25,000 offered by LTIL.

This would be the seventh IPO of the year 2015-16.