Blue-Ex Limited’s initial public offering (IPO) has drawn an overwhelming response from investors, with applications for 4,232,500 ordinary shares received against an issue size of just 1,000,000 shares.
The public subscription, held on December 16 and 17, was oversubscribed by more than four times, according to figures released by KTrade Securities Limited, the consultant to the issue.
Notably, Blue-Ex Limited is the first company to transition from the GEM Board to the Ready Board, marking a significant milestone in the local capital market.
A total of 3,156 applications poured in, with the largest demand coming from investors applying for more than 2,000 shares each, accounting for nearly 2 million shares. Applications for up to 500 shares will receive full allocation, while the 1,000-share category will go to a ballot scheduled for December 23. All applications for higher quantities will be refunded in full.
The total amount applied for reached Rs. 275.1 million, far exceeding the Rs. 65 million target for the 1,000,000 shares on offer.
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If Company refund entire amount of more than 2000 shares then why they have accepted our bid?