Shriram Properties Limited initial public offer was subscribed to 89 per cent around 05:00 pm on the first day of the opening of the issue on Wednesday. The IPO of Chennai-based residential real estate development company saw bids being made for 2,60,79,375 shares against 2,93,51,639 stocks on offer.

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The retail investors participated enthusiastically on day one as the category reserved for the retail individual investors (RIIs) was subscribed 4.85 times already.  

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NIIs portion was subscribed 0.04 times, while QIB were yet to take part in the Shriram Properties Limited IPO share sale, while employees quota saw 0.36 times booking.  

The three-day IPO that opened today will close on December 10, 2021.  

Earlier, Shriram Properties on Tuesday said it has raised a little over Rs 268 crore from anchor investors ahead of its initial share-sale. The company has decided to allocate 2,27,66,949 equity shares to anchor investors at Rs 118 apiece, valuing the transaction size to Rs 268.64 crore, according to a BSE circular.

One of the leading players in the real estate, Shriram Properties Limited plans to raise Rs 600 crore via public issue, as per NSE.    

The company has fixed the price band of Rs 113 – Rs 118 and a lot of 125 shares for this IPO. Total issue size of Rs 600 crore comprises Rs 250 crore of fresh issue and an offer for sale of Rs 350.  

Minimum order quantity is one lot and a maximum subscription amount for retail Investor is Rs 2 lakh, while for eligible employees it is Rs 5 lakh.  

KFin Technologies Private Limited has been appointed as registrar for this issue.