The IPO received 38,76,41,565 bids for its issue of 11.3 crore equity shares, according to data available on the stock exchange. A major portion of the bids came from FIIs who submitted bids for 38.09 crore equity shares as against 6.6 crore shares reserved for Qualified Institutional Buyers.
Besides, the portion reserved for retail remained under-subscribed with bids for just 16 per cent of shares, while the non-institutional investors segment receiving bids for 11 per cent shares.
Spice Communications, expects to raise up to Rs 520 crore (Rs 5.2 billion) through its maiden public offering with a price band of Rs 41-46 per share.
Spice Communications is expected to use a major portion of its IPO proceeds to get national and international long distance licences. The company, in which Telekom Malaysia holds 49 per cent stake, has received a non-exclusive letter of intent for providing STD and ISD services.
A major portion of the issue proceeds would also be used for repayment of debt and payment to vendors for network equipment.