Shipping Corporation FPO finally overbid 4.92 times

Shipping Corporation of India FPO has been finally oversubscribed 4.92 times on an overall basis. The FPO had opened for subscription from Tuesday, November 30, 2010 and consisted of 84,690,730 Equity Shares of Rs.10/- each in a price band of Rs.135/- to Rs.140/- per equity share with a 5% Discount on the final Issue Price to the Retail category of Investors

The subscription in the QIB category, for which the offer closed for subscription on Thursday, December 2, 2010 has been supportive at 4.19 times. The HNI Category has finally reached a subscription figure of 3.67 times, although the highlight of the closing day subscription figures was the remarkable response from the Retail Investors on the closing day, which is evident from the subscription figures in the Retail category which climbed to 6.56 times on the closing day as against a meager 0.5 times on Thursday, December 2, 2010

The Retail Category received bids for 193367050 Equity Shares as against 29493547 Equity Shares reserved for the category, thus making the Retail Category overbid by 6.5562 times

Shipping Corporation of India Ltd (SCI) is a “Navratna” company and is India’s largest shipping companies handling about 35% of market share