OnMobile IPO Subscribed 0.53 Times On Day One
By Nikhil Pahwa - Thu 24 Jan 2008 06:47 AM PST
Day one of the Initial Public Offering of OnMobile Global, India’s largest mobile value added services (VAS) company, was not very successful: the issue is not yet fully subscribed, at 0.53 times. Mouli Raman, CTO of OnMobile told me that that nearly all the investments are from the Qualified Institutional Buyers (QIB) side, as is typically the case in the initial stages of the IPO, and retail investors usually come in towards the end. Raman is quite happy with Day One and says that the response from intitutional buyers they had met has been positive. The QIB segment has been subscribed 0.8777 times, entirely by Foreign Institutional Investors. The Retail investor segment has been subscribed 0.0059 times, with just 19455 shares bid for. Of the 10900545 shares on offer, the company has received 57.6 lakh bids, with 16,560 bids at cut-off. The IPO is open till the 29th of Jan. Not an easy time for an IPO or even a listing, given the volatility in the markets, and the doomsday talk of a US recession. We’ll be tracking the IPO on a daily basis, but you can track the bidding live at the NSE and the BSE (java applet required for both sites).
