Shriram Properties IPO Subscribed 0.89 Times On Day 1

The Rs 600-crore initial public offer of Shriram Properties Ltd. saw its retail investor portion subscribe nearly five times on the first day.

The real estate developer is selling shares at Rs 113-118 apiece, seeking a market of Rs 2,001.3 crore at the upper end.

The IPO comprises a fresh issue and an offer for sale by private equity and other selling shareholders. The IPO will close on Dec. 10.

Subscription Details: Day 1

The IPO was subscribed 0.89 times, or 89%, as of 5 p.m. on Dec. 8.

• Institutional investors: 0 times.

• Non-institutional investors: 0.04 times.

• Retail investors: 4.85 times.

• Employees: 0.36 times.