PTC offer oversubscribed 2 times

Power Trading Corporation’s IPO has been oversubscribed on Day 1. The IPO, which opened for subscription on Monday, has been oversubscribed two times till 7.20 pm on Monday, according to the The Stock Exchange, Mumbai website. According to the SE website, the IPO has been oversubscribed 1.8 times till 7.15 pm on Monday. According to the BSE data, the IPO received bids for 11.74 crore shares against the total offer of 5.85 crore shares. According to the NSE data updated till 7.15 pm, investors have made bids for over 10.55 crore shares against the offer of almost 5.85 crore shares. Reflecting the overwhelming investor response, over 95 per cent of the bids were at the maximum price of Rs 16. Most of the bids came from qualified institutional investors and high net worth individuals, according to the sources. The other IPO which opened on Monday, Petronet LNG, however, has received poor investor response with the issue being subscribed only 2.5 per cent till 6 pm on Monday.