Religare IPO Issue price fixed at Rs.185 per share

Religare Enterprises has fixed the issue price at Rs 185 (upper end of the price band) for its initial public offering (IPO).

The company came out with an IPO of 7,576,102 equity shares for cash at a price band of Rs 160 to Rs 185 a share. The Issue opened on Oct. 29, 2007 and closed on Nov. 1, 2007.

Overall the issue was subscribed around 160.56 times.The qualified institutional bidders (QIBs) portion was subscribed around 185 times; the non-institutional bidder portion was subscribed around 215.4 times; and the retail bidder portion was subscribed around 93.5 times.

Religare IPO Allotment is expected to be very tough for the investors as the IPO is heavily subscribed, Market views are that investors who have applied under the maximum lot of shares that is 1 lakh can expect firm allotment.