GR INFRA, CLEAN SCIENCE GET BIDS WORTH OVER ~1.73 TRN

The initial public offering (IPO) of GR Infra Projects and Clean Science, which closed on Friday, generated bids worth more than ~1.73 trillion — an encouraging sign ahead of Zomato’s mega offering next week.

The IPO of GR Infraprojects — a road construction company — was subscribed 102.6x. Its qualified institutional buyer (QIB) portion was subscribed 168.6x, with the high networth individual (HNI) portion seeing subscription of 238x, and retail portion getting booked 12.6x. The issue saw over 2.3 million retail applications.

The IPO of Clean Science and Technology, specialty chemical manufacturer, was subscribed 95x. Bulk of the bids came from wealthy investors, with their quota already seeing a 211x subscription. The QIB and retail buckets were subscribed 160x and 9.2x.

The strong response for the IPOS, however, has shifted liquidity away from the secondary markets, with the Sensex falling 1.3 per cent in the previous two trading sessions.