Punjab, Sept. 25 -- AceVector, Snapdeal's parent, was subscribed 0.24 times on the first day of its Rs 420 crore IPO. The qualified institutional book was at zero.
The day one numbers
Bids came in for 1,72,37,844 shares against 7,21,87,500 on offer, excluding anchors, as of 3:15 PM.
Zero from institutions is normal on day one
This is worth saying clearly before the number gets over-read. Institutional money almost always arrives on the final day of a book, because bidding early gives away information and gains nothing.
The NSE's own issue last week was 42% subscribed on day one and finished at 5.71 times. Day-one QIB figures are not predictive.
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