ADVERTISEMENTREMOVE AD

Bandhan Bank's IPO oversubscribed by 14.63 times

Bandhan Bank's IPO oversubscribed by 14.63 times

Published
Hot News Text
2 min read
story-hero-img
Aa
Aa
Small
Aa
Medium
Aa
Large
Hindi Female
ADVERTISEMENTREMOVE AD
Kolkata, March 19 (IANS) The initial public offer (IPO) of Bandhan Bank has been oversubscribed 14.63 times on the closing day of bidding on Monday.
The Rs 4,473 crore IPO received bids for over 122.16 crore equity shares against the offer size of over 8.34 crore shares.
The reserved portion of qualified institutional buyers (QIBs) has oversubscribed 38.67 times while the portion for non-institutional investors witnessed subscription of 13.89 times and retail 1.20 times.
"We have received good response from QIBs and high net worth individuals. Apart from this, we have received nearly 11 lakh applications from retail investors, which is commendable," the bank's MD and CEO Chandra Shekhar Ghosh told IANS.
The bank had set a price band of Rs 370 to Rs 375 per equity share of face value Rs 10 each and of the total issue size of over 11.92 crore shares, offered fresh equity shares to the tune of 9.76 crore and an offer for sale of up to 1.40 crore shares by the International Finance Corporation (IFC) and 75.65 lakh shares by IFC FIG Investment Company.
The Kolkata-based lender planned at raising upto Rs 4,473 crore at the higher price band of Rs 375 per share.
Of the total size, it allocated over 3.57 crore equity shares at a price of Rs 375 a piece aggregating to Rs 1,341.91 crore to 65 anchor investors.
The bank will not receive any proceeds from the offer for sale.
The book running lead managers to the issue were Kotak Mahindra Capital Company limited, Axis Capital limited, Goldman Sachs (India) Securities Private limited, JM Financial Institutional Securities limited and J.P. Morgan India Private limited.
The equity shares are proposed to be listed both on the BSE and the NSE.
--IANS
bdc/vd

(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

0

Read Latest News and Breaking News at The Quint, browse for more from hotwire-text

Topics:  ians 

Speaking truth to power requires allies like you.
Become a Member
3 months
12 months
12 months
Check Member Benefits
Read More
×
×