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S Chand IPO subscription soars by 16% till lunch

One of the leading Indian academic content producing company, S Chand and Company Limited’s IPO issue is open for subscription. On the first day of subscription, as per the data available with the NSE as of 1400 hours, the issue attracted total bids of 12,61,810 and total bids received at cut-off price stands at 7,75,368. The total issue size stands at 76,85,284 shares.
The IPO issue as of 2 pm on Wednesday was subscribed by 16%. On April 25, the company raised nearly Rs 219 Cr from anchor investors.
The price band is fixed at Rs 660 per share to Rs 670 per share with face value of each share pegged at Rs 5 per share. The IPO issue opens on April 26, 2017, and closes on April 28, 2017.
The company is going to raise funds through fresh issue of equity shares, aggregating up to Rs 3250 million. The company is also raising funds through offer for sale of 60,23,236 equity shares. The face value of equity shares is pegged at Rs 5 per share.