Spandana Sphoorty share sale sees 30% subscription, Sterling 10%

The IPOs of microfinance lender Spandana Sphoorty Financial as well as Sterling & Wilson Solar were subscribed 30 per cent and 10 per cent, respectively, on Tuesday. Spandana’s Rs 1,200-crore issue closes on Wednesday and Sterling’s Rs 3,125-crore offering a day later. Spandana has already allotted Rs 360 crore of shares to anchor investors, while Sterling had, on Monday, allotted Rs 1,406 crore of shares for the same. Both companies had to cut their offer size and valuations to launch their IPOs in a challenging market.