IPO Update: Spandana subscribed 57 pc; Sterling & Wilson 10 pc

The Initial Public Offering (IPO) market is slowly catching up. The two IPOs open for subscription this week are receiving good response from investors.

In the morning session, on the last day of its subscription at 11:00 hours, Spandana Sphoorty Financial IPO was subscribed 0.58 times. The total bids received were 56,53,775 bids, of which 1,54,938 bid were subscribed at cut-off price.

Spandana is a Non-Banking Financial Company - Micro Finance Institutions (NBFC-MFI) recognised by the Reserve Bank of India (RBI). The company had a Gross Loan Portfolio of Rs. 3,166 crore, as of March 2018.

On the other hand, on the Day 2, the IPO of Sterling & Wilson Solar Limited is witnessing tepid response. The Rs. 3,125 crore IPO is offered at a price band of Rs. 775 to 780 per equity share of face value Re. 1. The minimum bid lot is of 19 equity shares.

At 10:15 hours, on Wednesday, the issue was subscribed 0.10 times. The cumulative bid received at both the exchanges were 21,59,635 bids. Of which total bids received at cut-off price were 2,33,054 bids.

Sterling & Wilson Solar is an integrated solar engineering, procurement and construction (EPC) enterprise of the Shapoorji Pallonji Group.