Ingersoll-Rand India gains 6% as retail investors lap up the shares being sold by the promoter
- The offer for sale was subscribed 2.7 times by non-retail investors on day one, yesterday.
- The company received bids for a total of over 3.5 million shares for an offer size of 1.28 million shares for non-retail investors.
- The offer is carried at a floor price of ₹578.60 per equity share, which at a discount of 12% compared to Tuesday’s closing price.
The OFS was opened to retail investors today and is witnessing strong demand. It was subscribed 2.7 times by non-retail investors on day one (November 24).
Yesterday, the company received bids for a total of over 3.5 million shares for an offer size of 1.28 million shares for non-retail investors. The company has reserved a total of 10% of the offer size, aggregating to over 1.42 lakh shares for retail investors.
The floor price of ₹578.60 per equity share is at a discount of 12% compared to Tuesday’s closing price. The promoter is offloading stake to achieve the minimum public shareholding in the company.
Ingersoll-Rand indulges in the business of manufacturing and selling industrial air compressors of various capacities and its spare parts.
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