Amreli steels, one of the biggest steel and billet manufacturing company, has offered 18.75 million shares to general public.
Amreli Steels decided to offer 74.252 million shares through initial public offer. The first phase involved institutional and high network investors buying which was held on 7th and 8th October, 2015. Bids for 138.78 million shares were received in book building process.
The Dutch book building method was use with step by step (20%) price increase and Rs. 51 per share was discovered. The investors showed great repose and it was oversubscribed by 3 times.
The general public portion is now offered from 27th to 29th October, 2015 and public can submit share application forms in multiples of 500. Only one form per person can be submitted otherwise the application money can be confiscated. Public can subscribe the sharers in the multiples of 500 shares.
The over subscription during book building method depicts that general public portion will be subscribed easily.
AKD and Bank Alafalah are joint managers and arrangers. Thirteen banks have been nominated where applications for shares can be submitted. Crossed cheque should be filled in the name “IPO OF AMRELI STEELS LIMITED“.