S Chand subscribed 1.98 times day before close

The ~728-crore initial public offering (IPO) of education content firm S Chand and Company was subscribed 1.98 times on Thursday, a day before the issue's close. The 7.7-million share offering has so far received bids for 15 million shares. The institutional investor portion was been subscribed 2.73 times, while the retail portion has been subscribed 2.25 times and high net worth individual quota has been subscribed 32 per cent, provisional data provided by stock exchanges showed. SC hand, the first I PO of financial year 2017-18,has priced the offering between ~660 and ~670 per share. The company raised ~219 cr ore from anchor investors by allotting them 3.2 million share sat ~670 a piece. The I PO comprises fresh issue of equity of around ~325 cr ore and secondary share sale by existing shareholders, including Everstone Capital.