Mumbai, Maharashtra, India, Thursday, April 28, 2005 -- (Business Wire India)
The Initial Public Offering (IPO) of India Infoline Ltd., one of the leading online broking and financial advisory services companies in India, has got an overwhelming response with the offer getting subscribed by 7.34 times.

The company received bids for 85.74mn shares as against the 11.88mn shares on offer in the issue. Of the total applications, almost 99.99% were received at the upper end of the price band. Keeping in mind the interests of the retail investor who have participated enthusiastically in the issue and the prevalent market conditions, the management has decided to price the issue at Rs.76. Speaking on the pricing decision, Mr. Nirmal Jain, Chairman and Managing Director, India Infoline Ltd, said “We would like to have a very positive start to our relationship with the retail investors who have expressed confidence in our business model and enthusiastically participated in the issue.”

Promoted by Nirmal Jain and R. Venkataraman, India Infoline has a retail branch network of 73 branches at 36 locations across India and proposes to set up an additional 77 branches in 50 cities across India to have a network of 150 branches to further strengthen its geographic reach.

The India Infoline group addresses the entire gamut of investing needs. In addition to its Portfolio Management Services (PMS) and trading related services through 5paisa, the Company offers investment avenues such as Mutual Funds, Fixed Deposits, GOI Relief Bonds, Post Office Savings and Life Insurance, through its other subsidiary companies.

India Infoline is one of the leading corporate agent of ICICI Prudential Life Insurance Company. In 2004, India Infoline launched commodities broking through its subsidiary India Infoline Commodities Pvt. Ltd. (IICPL). Enam Financial Consultants Pvt Ltd was the sole book running lead manager to the issue.