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Shriram Properties IPO issue subscribed 45% on Day 1

The initial public offering (IPO) of Shriram Properties, a south India-based real estate developer, was subscribed 45 percent on December 8, the first day of bidding.

Bids had come in for 1.31 crore equity shares against issue size of 2.93 crore equity shares. The portion set aside for retail investors was subscribed 2.48 times, while employees had bid for 6 percent of the shares reserved for them.

Non-institutional investors and qualified institutional buyers were yet to put in their bids for the offer.