The initial public offering (IPO) of non-bank financial firm SBFC Finance was drawn 75.80 times on the last day of the subscription on Monday, supported by an overwhelming turnout from institutional buyers.
According to NSE data, the initial share sale at Rs.1,025 crore received bids for 7,98,38,68,100 shares versus 10,53,25,317 shares offered.
The category for qualified institutional buyers (QIBs) drew a whopping 192.89 times, while the quota for non-institutional investors drew 49.09 times. The portion intended for Retail Individual Investors (RIIs) was subscribed 10.99 times.
The IPO saw one new issue with a total value of up to Rs 600 crore and an offer to sell up to Rs 425 crore.
The price range for the offering was between 54 and 57 rupees per share.
The company’s IPO was fully subscribed on Thursday’s first day of subscription.
SBFC Finance Ltd announced on Wednesday that it has raised just over Rs.304 crore from anchor investors.
The Company will use the net proceeds from the offering to expand the Company’s capital base to meet its future capital needs as its business and assets grow.
ICICI Securities, Axis Capital and Kotak Mahindra Capital Company were the managers of the offering.
It is proposed that the shares will be listed on the NSE and BSE.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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