Man Infraconstruction IPO subscribed 3 times on First day

Good response from investors helped the 56,25,150 equity shares; initial public offer (IPO) of Man Infraconstruction to get subscribed three times on day one.
The issue will be opened for subscription till February 22, 2010. The company plans to raise upto Rs 141.75 crore from this issue at a higher price band, which will be used for purchase of capital equipment.
It has already received commitment of Rs 24.5 crore from the anchor investors (AIs), who subscribed for 9,72,000 equity shares at Rs 252 per equity share, at higher end of price band of Rs 243-252.

Man Infra provides construction services for port infrastructure, residential, industrial, commercial and road infrastructure projects. As on December 31, 2009, the company’s order book, on a consolidated basis, stood at Rs 20,209.25 million spread across the construction sectors.
The equity shares of the company would be listed on NSE and BSE. The book running lead managers to the issue are Edelweiss Capital Limited and IDFC-SSKI Limited.