HG Infra Engineering IPO subscribed five times

Infrastructure developer HG Infra Engineering Limited’s initial public offering (IPO) was subscribed by almost five times on the final day, with support from institutions and retail investors and last-minute bids by wealthy investors. The IPO of 12.13 million shares, excluding the anchor allotment, received bids for nearly 60.17 million shares. The total issue size is pegged at Rs 4.62 billion at the upper end of the Rs 263-Rs 270 price band. HG Infra issued fresh shares worth Rs 3 billion while its promoters offloaded 6 million shares worth Rs 1.62 billion. The company will use Rs 900 million to buy equipment, Rs 1.16 billion to repay debt and an undisclosed amount on general corporate purposes. The company had earlier raised Rs 1.38 billion ($21.5 million) by selling 5.13 million shares at Rs 270 apiece to 11 anchor investors.