Deccan IPO sails through, issue closing extended

The price band to be widened

Mumbai: One day after the historic stock market crash, Deccan Aviation has decided to widen the price band of its ongoing IPO to Rs 146-175 from the earlier Rs 150-175 per share.
However, the issue has scraped through with an oversubscription of 1.04 times the book offering of 2.45 crore shares.
The firm is also extending the issue closing date by three days to May 26 as bids are still being received from overseas qualified institutional bidders (QIBs).
Air Deccan’s managing director GR Gopinath told a news agency that the lower end of the band had been extended to Rs 146 and the offer deadline had been pushed to May 26 to give retail investors more time to apply.
Mr Gopinath said, adding it had been almost subscribed, but the company had received requests from potential investors for an extension after a sharp three-day fall in the market.
The Deccan Aviation issue opened on May 18, the day the sensex tanked by over 800 points.
24/05/06 Economic Times

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