Owing to a positive vibe in the market and an expected decent budget hearing that is approaching, the fresh IPO of Man Infraconstruction Ltd. Has received a positive response from the market. Earlier a lot of analysts were quoted saying that the IPO was a good one if people were looking for a long term investment.

The IPO of MIL got a great response on day one of its opening and was over-subscribed by 3.10 times. Institutional and Non-institutional investors seemed to be supporting the new IPO.

The company had 46.53 lakh stocks on offer, and the bids received were 1.44 crore shares, as per the National Stock Exchange data. 56.25 lakh shares are on the offer from MIL with a price band of 243-252 and it is expected to collect Rs. 141.75 crore at the upper price band.

By the end of day one; the IPO was over-subscribed by 8.7 times in the non-institutional investor category, while the issue was subscribed 4.13 times in the QIB portion. Five anchor investments worth Rs 24.49 crore had been roped in yesterday. The IPO closes on February 22.