On the last day of Bhagwati Banquets & Hotels IPO, the issue received total bids for 3.36 crore shares out of the total issue size of 1.84 crore shares. The total QIBs subscription stood at 39.12 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 98.13 lakh shares. From this category the Individuals bid for 61.32 lakh shares and Corporates bid for 32.69 lakh shares.
The retail investors bid for 1.99 crore shares, out of which 1.87 crore shares were bid at cut off price and 12.47 lakh shares were bid at price.
The issue closed with 1.83 times subscription.
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. |