The IPO, which comprised 10.45 million shares excluding the anchor investors’ portion, received bids for a little over 22.93 million shares, stock-exchange data showed.
Retail investors led subscription activity on day two as well, with the book covered nearly four times the shares reserved for them.
The quota of shares reserved for institutional buyers was subscribed 105% on the second day. The portion set aside for non-institutional investors, such as corporate houses and wealthy individuals, was covered a tad more than 24%.
The IPO had crossed the halfway mark on the first day of the issue on Monday, receiving bids for 5.31 million shares. Retail investors’ book was fully subscribed.
Music Broadcast’s IPO is the first by a radio operator in over a decade….