On the fifth day of Bhagwati Banquets & Hotels IPO, the issue received total bids for 1.04 crore shares out of the total issue size of 1.84 crore shares. The total QIBs subscription stood at 32.12 lakh shares, which were bid by FIIs. There were no bids by mutual funds and domestic financial institution in the issue.
The total HNIs subscription stood at 44.01 lakh shares. From this category the Individuals bid for 39.11 lakh shares and Corporates bid for 3.08 lakh shares.
The retail investors bid for 28.53 lakh shares, out of which 24.12 lakh shares were bid at cut off price and 4.40 shares were bid at price.
The issue was 0.57 times subscribed. The IPO will close on 25 April 2007.
BBHL operates the Grand Bhagwati hotel, located in a prime entertainment and shopping area in Ahmedabad. The 37-room property is known for its banqueting facilities, with income from rooms accounting for only 15% of revenues so far.
BBHL also undertakes outdoor catering, operates food courts and manages rooms and restaurants of the Karnavati Club in Ahmedabad.
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