The Rs. 425.4 million IPO of Asia Asset Finance Ltd. was oversubscribed on Thursday, making it the first issue in recent times to take a longer period for success.
The IPO was for 120 million shares, with the option being reserved with the Board to accept a further 50.16 million shares at a price of Rs. 2.50 each. Its official opening was 28 November and took exactly 14 days to be fully subscribed.
The announcement of oversubscription was brief sans specific details, which are likely to be released this week.
The previous announcement disclosed 814 applications were received, requesting 120.508 million shares worth Rs. 301.3 million.