GBN IPO sold out, over-subscribed 30 times

Mumbai: The Initial Public Offer Global Broadcast News (GBN), which owns CNN-IBN, subscribed over 30 times on the last day of buying.

The GBN offer got oversubscribed 30.96 times its issue size of 45.65 lakh shares, for which the price band has been fixed at Rs 230 to Rs 250 per share, latest data available on the stock exchange shows.

GBN, part of the TV18 group, received robust response from retail investors and qualified institutional buyers on the last day of its offer.

Another IPO of Pochiraju Industries, engaged in floriculture business, got fully subscribed receiving 2.53 crore bids for the 1.38 crore shares on offer on its last day of issue, latest data with stock exchanges shows.

The company managed to garner 1.83 times subscription for its issue with a price band fixed at Rs 25 to Rs 30 per share. Besides, investors continued to show demand for real estate developer Akruti Nirman with the issue receiving 7.24 crore bids against a size of 67 lakh equity shares, getting subscribed 10.82 times the offer size, latest data shows.

The price band of the realty firm has been fixed between Rs 475 to Rs 540 and the issue closes on January 19.

Akruti proposes to utilise the net proceeds to finance acquisition of lands, finance construction and development costs for some of its projects under development.

Two new public offers, Cinemax India and Technocraft Industries, opened for subscription on Thursday. Exhibition theatre chain, Cinemax India, received bids of 32 per cent for its offer of 89.20 lakh equity shares, latest data shows.

The price band of the issue of Cinemax has been fixed between Rs 135 to 155 per share. The IPO closes on January 24.

Initial Public Offer of Technocraft Industries, manufacturer of drum closures, cotton yarn and pipes, got subscribed 48 per cent of its issue of 83.20 lakh equity shares.