TD Power Systems IPO finally subscribed 2.9 times

Amidst turbulent times in the market, the IPO of TD Power Systems has managed to finally get overbid close to 3 times with concrete support from the QIB category. The IPO has been oversubscribed by a substantial 6.52 times in the QIB Category

The overall subscription of 2.92 times was almost wholly on account of firm support from the QIB investors, without which the IPO may have barely managed to get full subscription. Both the HNI as well as the Retail category remained largely undersubscribed with only 38% subscription in both. In the Retail Category, 31,03,516 were reserved, against which bids were received only for 11,83,650 shares. The low subscription in the Retail category despite a keen interest from the QIB investors may be a result of gloomy atmosphere in the market and the resulting negative sentiments of investors towards stock markets in general and new issues in particular

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