In the midst of a country-wide slowdown holidays and vacations still rule the mindset of Indian investors. Whether that is a sign pointing towards economic recovery or not is still unclear, but laughing all the way to the bank is none other than Mahindra Holidays and Resorts India Ltd (MHRIL).
The initial public offer (IPO) of MHRIL, which concluded on 26 June, has been such a huge success that it has dwarfed its Rs 301 crore upper limit expectation (the group had fixed the price band between Rs 275 to Rs 325 per equity share for an IPO offering of 92,65,275 shares), has been oversubscribed by 9.8 times, enabling it to pocket Rs 2,949.8 crore.
While the issue size was 9.26 million shares, the company received bids for 90.83 million shares.
The tremendous success of the IPO will fuel greater interest, and perhaps participation, in the slew of IPOs slated to hit the market. SEBI has already approved some 19 IPOs worth Rs 8,959 crore.
The money collection business has been good, of late, allowing corporates and other institutions to collect huge amounts from investors, despite the economic slowdown. While things have not changed much on the macro basis, yet fund collections through various instruments has been quite successful – new fund offers (NFOs), qualified institutional placements (QIPs), and now, IPOs.
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