DQ Entertainment IPO fully bid

Gets bids for 1.49 crore shares compared to 1.32 crore shares on offer

The initial public offer of Hyderabad based animation and entertainment production house DQ Entertainment (International) (DQE) received bids for 1.49 crore shares compared to 1.32 crore shares. The IPO was subscribed 1.13 times by 16:00 IST on day two of the issue, NSE data showed. The public issue closes on Wednesday 10 March 2010.

The company has fixed the price band of Rs 75-80. The issue includes a reservation of up to 3.21 lakh equity shares of Rs 10 each for eligible employees. The issue would constitute 20.24% of the post issue paid-up capital of the company and the net issue will constitute 19.84% of the post issue paid up capital of the company.

Late last week just before the opening of the issue DQE placed 28.3 lakh shares with anchor investors at Rs 80 per share, at the top end of the Rs 75-Rs 80 per share price band. The anchor investors include IDFC Small and Midcap Equity Fund, T Rowe Price International Discovery Fund, Birla Sunlife Equity Fund, Birla Sun Life MIP II - Savings 5 Plan, Morgan Stanley ACE Fund, Axis Tax Saver Fund and Axis Equity Fund.

DQE had earlier completed a pre-IPO placement for Rs 25.69 crore through a placement of 37.70 lakh equity shares, or 5.97% of the pre-issue share capital of the company, with IDFC Investment Advisors (IDFC) and other corporate and high net worth individuals.

The company will utilise the IPO proceeds of the issue towards co-production, IP content creation, development of office premises and production facilities.