Security and Intelligence Services (India) Ltd's (SIS) 7.8 billion-rupee ($122.5 million) initial public offering (IPO) of shares was subscribed 6.94 times on the last day of the sale on Wednesday, indicating strong interest in the business services provider. Investors had bid for about 36.9 million shares, compared with about 5.3 million on offer as of 1245 GMT, data from the stock exchanges showed.
SIS, which provides private security and facility management services in India and Australia, is selling new shares in a price range of 805 rupees to 815 rupees apiece to raise 3.62 billion rupees. Its shareholders are paring part of their stake to raise another 4.17 billion rupees. The IPO raised 3.51 billion rupees from anchor investors. SIS also provides cash logistics services, including automated teller machine replenishment.
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