Receives bids for 122.15 crore shares
The initial public offer (IPO) of Bandhan Bank received bids for 122.15 crore shares, the National Stock Exchange of India (NSE) data showed. The issue was subscribed 14.63 times. The price band for the IPO was Rs 370 to Rs 375 per share. The IPO had opened on 15 March 2018 and closed on 19 March 2018.
Category-wise subscription details showed that the qualified institutional buyers (QIBs) category was subscribed 38.67 times, the non-institutional investors category was subscribed 13.89 times and the retail individual investors (RIIs) category received subscription of 1.20 times.
The issue comprised of a fresh issue of 9.77 crore equity shares and offer for sale (OFS) of 2.16 crore shares. The OFS included sale of equity shares of up to 1.40 crore by IFC and up to 75.65 lakh equity shares by IFC FIG.
The objective of the fresh issue was also to augment bank's Tier-I capital base to meet the bank's future capital requirements. The bank also believed that the listing of equity shares will enhance the bank's visibility and brand name among existing and potential customers.
Ahead of the opening of the issue, the bank's board in a meeting held on 14 March 2018, finalized allocation of 3.57 crore equity shares in aggregate to a slew of anchor investors, including many domestic and foreign funds, at Rs 375 per share.
Also Read
The bank reported a net profit of Rs 957.70 crore on net total income of Rs 2671.64 crore in the nine months ended 31 December 2017.
Bandhan Bank is a commercial bank focused on serving underbanked and underpenetrated markets in India. The bank currently offers a variety of asset and liability products and services designed for micro banking and general banking, as well as other banking products and services to generate non-interest income.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content