Indo Thai Securities' IPO Subscribed 0.17 Times On Penultimate Day (05-Oct-2011)
Indo Thai Securities, a financial service provider, initial public offer (IPO) was subscribed 0.17 times on Tuesday, October 04, 2011. As per the data available with the NSE, total bid of 687120 shares were received for the issue of 4000000 shares and 653280 were received at the cut-off price.
The issue closes on October 05, 2011. The company has set a price band of Rs 70 to Rs 84. Corporate Strategic Allianz is the Book running lead manager and Sharepro Services (India) is the registrar to the issue.
The company intends to utilize the issue proceeds towards expansion and upgradation of existing branches and set up network of branches, purchase of office space for Mumbai regional office, purchase & set up of office space for corporate office, brand building & advertising, augmenting long term working capital requirement and general corporate purpose.
Indo Thai Securities commenced its operations post obtaining membership of National Stock Exchange of India in September, 1995. Currently, it offers wide range of financial products and services to its more than 7200 clients which includes capital market, Derivatives Market, Currency Derivatives Segment, Future & options, equity brokerage, with memberships in NSE, BSE MCX-SX, USE and Depository Participant of CDSL.
At present, it is focusing on increasing concentration in the existing cities as well as expand into smaller cities and towns that it believes have the potential to grow. Indo Thai Securities pose to expand by increasing the network of branches and are open to growth through the inorganic route including acquisitions.
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