New Delhi, Mar 02: The price of government's 26 per cent residual stake in IBP Ltd has been fixed at the floor price of Rs 620 a share and IPO will garner around Rs 350 crore, according to highly placed sources. All the retail investors will get the allotment, the sources said. Over and above that retail investors will get an additional five per cent discount to the final offer price. They will have to pay Rs 589 against the last traded price of Rs 662.60 on the Bombay Stock Exchange (BSE). The government is offering its 57.58 lakh shares in IBP through the IPO. The public offer of IBP, bids for which opened on Feburary 23 and closed on March 01, was over subscribed 2.5 times. The issue received bids for 1.43 crore shares compared to the issue size of 57.58 lakh shares. The price for IBP at Rs 620 is substantially lower than the Rs 1,551 a share paid by IOC to government for acquiring 33.6 per cent equity for a total consideration of Rs 1,153.68 crore. Bureau Report