Sept 16 (Reuters) - Indian auto parts maker Hero Motors' $104.2 million IPO was fully subscribed on the first day of bidding on Wednesday, exchange data showed, led by demand from retail investors.
Here are the details:
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The company, which counts BMW and Ducati among its clients, is seeking a valuation of $401.16 million at the upper end of the 79 rupees to 84 rupees price band
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Hero Motors received bids for 95.3 million shares worth about 8 billion rupees ($83.36 million) as of 2:40 PM IST, or 1.08 times the 88.6 million shares on offer, exchange data showed
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The firm is led by Pankaj Munjal, whose family also runs India's largest two-wheeler maker by volumes, Hero MotoCorp
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Qualified institutional buyers bid for 0.01 times the shares reserved for them, while non-institutional and retail portions were subscribed 0.84 times and 1.79 times, respectively
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Hero Motors allocated shares worth 3 billion rupees to anchor investors at 84 rupees apiece, the upper end of the IPO price band, ahead of the IPO opening
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The IPO comprises a fresh issue of shares worth up to 6 billion rupees and an offer for sale worth up to 4 billion rupees
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Proceeds will be used for debt reduction and expand a manufacturing facility
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IPO activity remains strong with listings planned by top bourse National Stock Exchange of India
($1 = 95.9650 Indian rupees)
Reporting by Anushka Rajvedi and Surbhi Misra in Bengaluru; Editing by Subhranshu Sahu and Mrigank Dhaniwala
Source: Reuters