Taksheel, Onelife IPOs oversubscribed

Oct 04 2011, 20:28 IST
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SummaryThe IPOs of Taksheel Solutions and Onelife Capital were over subscribed on the final day.

The initial public offerings (IPOs) of IT firm Taksheel Solutions and financial services firm Onelife Capital Advisors were over subscribed on the final day of the issue today amid a weak stock market.

Taksheel Solutions which hit the the capital market on September 29 has received subscription of 2.99 times, while Onelife Capital Advisors which entered the capital market on September 28 has got subscription 1.53 times, according to the data available with the National Stock Exchange.

The IT firm's Rs 80 crore-IPO received a total of 164.30 lakh bids against 55 lakh shares on offer and Onelife Capital Advisors' 33.5 lakh shares which were on offer got a bid of 51.10 lakh bids.

Taksheel Solutions and Onelife Capital Advisors IPO are the issues that were over-subscribed among the six IPOs in the market at present.

At the fourth day of the issue, Flexituff International, manufacturer of flexible intermediate bulk containers got subscription of 84 per cent. The company's Rs 100 crore IPO got bids for 56.78 lakh shares, compared with 67.5 lakh shares on offer.

Transformers manufacturer M and B Switchgears' Rs 37 crore IPO which entered the capital market on September 28 got subscription of 71 per cent on the fifth day. It received bids for 35.25 lakh shares, compared with 50 lakh shares on offer.

Analysts attributed timid response of the IPOs to weak broader market and aggressive pricing issue. However, they feel even in such condition good IPOs are always in demand.

"The market condition is very volatile but good IPOs are always in demand," Geojit Financial Services Research Head Alex Mathew said.

Stock broking company Indo Thai Securities was subscribed by 17 per cent on its third day. The company's IPO received bids for 6.87 lakh shares, compared with 40 lakh shares on offer.

Air charter services provider Swajas Air Charters' IPO received bids for 18.34 lakh shares against 44.64 lakh equities on offer.

The company had a poor show at the seventh straight day despite the cut in its IPO's price band to Rs 84-90 per share.

The company had also extended the issue by five more trading session till October 5.

Earlier, the company's price band was Rs 90-100 a piece and extended closing to October 5 instead of earlier closing day of September 28.

All the five companies intended to use the proceed for the expansion purpose and the remaining issues will be closed tomorrow.

Meanwhile, the 30-share Sensex continued its downtrend and fell

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