Monte Carlo Fashion IPO oversubscribed

The Rs.350-crore initial public offering (IPO) of Monte Carlo Fashions has been subscribed more than seven times, according to stock exchanges data. The IPO closed on Friday. The overall response to this issue was 7.73 times of the equity share on offer for sale. The qualified institutional buyer (QIB) portion was sold 13.96 times while the high net-worth individual (HNI) portion was subscribed 1.81 times. Retail investors also participated in large number and this portion was subscribed 6.75 times. A day prior to opening of the issue, the company had allotted shares worth Rs.105 crore to anchor investors.