Bajaj Corp IPO subscribed 10.49 times

Gets bids for 3.87 crore shares

The initial public offering (IPO) of hair oil producer Bajaj Corp was subscribed 10.49 times by 16:00 IST on the last day of bidding for qualified institutional buyers (QIBs) today, 4 August 2010. The IPO garnered bids for 3.87 crore shares.



On Friday, 30 July 2010, Bajaj Corp raised Rs 52.65 crore by issuing 8.10 lakh shares at Rs 650 per share to 12 anchor investors. Reliance Capital Trustee Company and ICICI Prudential Emerging Star Fund were allotted 19% each of the total portion issued to anchor investors.

Bajaj Corp is offering up to 45 lakh shares in the price band of Rs 630-660 per share in the IPO which ends on 5 August 2010 for retail and non-institutional bidders.

Ratings firm CRISIL has assigned an IPO Grade '4' to Bajaj Corp's IPO, indicating above average fundamentals. The company plans to use the IPO proceeds for promoting its new products and for acquisition and other strategic initiatives.

Bajaj Corp is one of India's leading producers of light hair oils. The company's net profit rose 78.5% to Rs 83.91 crore on 35.01% rise in net sales to Rs 330 crore in the year ended March 2010 over the year ended March 2009.