Punjab, Sept. 21 -- The NSE's Rs 22,562 crore issue closed on Monday subscribed 5.70 times. Investors bid for 50,56,07,512 shares against 8,86,42,911 on offer. Qualified institutions took it to 12.68 times.
Institutions carried it
A 12.68x institutional book against an overall 5.70x tells you where the demand sat. The categories below it did not come close to that multiple, which is the normal shape for a large, well-understood, expensively-priced issue.
It is also the shape that matters most for what happens on Thursday. Institutional bids at this multiple mean the book was covered by investors who did their own valuation work rather than by applicants following a headline.
How it built
The issue was 42% subscribed on day one, with em...