Bangalore: Deccan Aviation, the promoters of Air Deccan, has said that the total number of applications it has received so far for its initial public offering was between 11 per cent and 12 per cent of the total subscription on offer.
An official with Air Deccan told Business Line that most of the institutions kept away on Monday because of the volatile market conditions.
"We expect large QIBs (qualified institutional bidders) to subscribe tomorrow, the last day of the offer," he said.
The official said as per SEBI guidelines, in the book building process, 50 per cent has to be reserved for the QIBs while the rest, which constitutes high net worth individuals and the retailers can be underwritten. In the case of Deccan Aviation, the rest of the subscription has been underwritten by Enam and ICICI Securities.
Air Deccan Managing Director, Capt G.R. Gopinath, said the company expects subscription to pick up on Tuesday.
23/05/06 Business Line/Sify
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Tuesday, May 23, 2006
Deccan Aviation's IPO gets 11-12 % of total subscription
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