CARE IPO subscribed 40.29 times

Gets bids for 24.65 crore shares Investors made a beeline for the initial public offer of credit rating agency Credit Analysis & Research (CARE). The IPO received bids for 24.65 crore shares till 16:00 IST on the last day of the bidding for the IPO today, 11 December 2012. The IPO was subscribed 40.29 times. The IPO price band is set at Rs 700-Rs 750. The IPO comprises of offer for sale of share by existing shareholders and therefore the company will not get any funds from the IPO. The selling shareholders are offering 71.99 lakh equity shares of face value Rs 10 each. The offer constitutes 25.22% of the post-offer paid-up equity share capital of the company. The IPO committee of the board of directors of Credit Analysis & Research (CARE) at its meeting held on 6 December 2012 finalised allocation of 10.79 lakh shares to 12 anchor investors at Rs 750 per share, the top end of the Rs 700-750 price for the IPO. Among the anchor investors are Goldman Sachs India Fund, Eastspring Investments-India Equity Fund, DB International (Asia) and Wellington Management Company LLP A/C BAY POND BMDMB will be allotted 1 lakh shares each. Centaura Investments (Mauritius) PTE will be allotted 1.86 lakh shares. Credit Analysis and Research (CARE) is the second largest rating company in India by rating turnover. The company's main product is rating of debt instruments and bank loan facilities. Apart from rating, the company also provides specialized grading services including IPO grading, equity grading and grading various types of enterprises including energy service companies, renewable energy service companies, shipyards, maritime training institutes, construction companies, rating of real estate projects etc.