IPO allotment of NRN Infrastructure and Dev. concludes; lucky 3,20,614 investors get 10 units each and remaining 97,344 applicants return empty hand

The IPO allotment of NRN Infrastructure and Development Limited is concluded today at the premises of Sanima Capital Limited. 

NRN Infrastructure and Development Limited has closed its issue of 33,98,046 units ordinary shares worth Rs 33.98 crore to the general public on Shrawan 21.

Out of the offered 33,98,046 units; 2% of the total offered shares i.e. 67,961 units was  set aside for the employees of the company and 5% of the total offered shares i.e. 1,69,902 units have been set aside for the mutual funds. The remaining 31,60,183 units are for the general public.

The issue had received applications from 4,17,958 valid applicants who had applied for a total of 1,53,84,860 units. The issue was oversubscribed by more than 4.86 times.

As per the allotment module, a total of 3,20,614 applicants were allotted 10 units each via lottery, and the remaining 97,344 applicants were returned empty hand. 

A total of 22,004 units were allotted to the 2 staff of the company out of allocated 67,961 units, remaining units are transferred to the general public and 1,69,902 units allotted to mutual funds.

In total 960 applicants who applied for 28,410 units were disqualified.

CRNL has assigned ‘CARE-NP IPO Grade 4’ grading to the proposed Initial Public Offering (IPO) of NRN Infrastructure and Development Limited (NRNIL). ‘CARE-NP IPO Grade 4’ indicates Below Average Fundamentals. The approved units is 30% of the total paid-up capital of the company.