Ingersoll-Rand India gains 6% as retail investors lap up the shares being sold by the promoter

• The offer for sale was subscribed 2.7 times by non-retail investors on day one, yesterday.
• The company received bids for a total of over 3.5 million shares for an offer size of 1.28 million shares for non-retail investors.
• The offer is carried at a floor price of ₹578.60 per equity share, which at a discount of 12% compared to Tuesday’s closing price.

The shares of Ingersoll-Rand India soared nearly 6% as retail investors subscribed to the shares through the offer for sale (OFS). The promoter is looking to offload 14.25 lakh equity shares representing up to 4.52% of the total paid-up equity of the company.

The OFS was opened to retail investors today and is witnessing strong demand. It was subscribed 2.7 times by non-retail investors on day one (November 24).

Yesterday, the company received bids for a total of over 3.5 million shares for an offer size of 1.28 million shares for non-retail investors. The company has reserved a total of 10% of the offer size, aggregating to over 1.42 lakh shares for retail investors.

The floor price of ₹578.60 per equity share is at a discount of 12% compared to Tuesday’s closing price. The promoter is offloading stake to achieve the minimum public shareholding in the company.

Ingersoll-Rand indulges in the business of manufacturing and selling industrial air compressors of various capacities and its spare parts.

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