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Thursday, February 21, 2008

REC IPO

DAY two of the Rural Electrification Corporation (REC) subscription, saw quite a few large bids by some of the banking majors. According to the market talk, a large public sector bank has put in a bid of around Rs 900 crore. Two Gulfbased funds are also believed to have submitted bids in excess of Rs 900 crore each. Interestingly, a large FII, whose US operations have taken a hit, is expected to put in a large bid on Thursday. According to NSE data, the QIB portion of the IPO was subscribed 4.52 times till Wednesday, with bulk of the bids submitted by domestic financial institutions (DFIs) rather than the foreign ones. While the retail segment has been subscribed around 25%, the HNI portion has received a lacklustre response till date. Overall, the issue, which closes on February 22, has been subscribed 2.73 times as on Wednesday
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