Ingersoll-Rand India gains 6% as retail investors lap up the shares being sold by the promoter

Ingersoll-Rand India gains 6% as retail investors lap up the shares being sold by the promoter
Ingersoll-Rand India
  • 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 shares of Ingersoll-Rand India soared nearly 6% as retail investors subscribed to the shares through the offer for sale (OFS). The promoter is looking to offload 14.25 lakh equity shares representing up to 4.52% of the total paid-up equity of the company.

Ingersoll-Rand India gains 6% as retail investors lap up the shares being sold by the promoter

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.
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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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