 "RBL Bank IPO subscribed three times")
RBL Bank’s initial public offering (IPO) of shares has been subscribed three times a day before its close. The 37.9 million-share offering had received 117 million bids, data provided by stock exchanges show.
The Rs 1,200-crore IPO closes on Tuesday.
The retail (small investor) portion of the IPO has already been subscribed 3.25 times, institutional (big) investor portion has been subscribed 4.3 times and high net worth (rich) individual quota has been fully covered.
Typically, most bids in an IPO come on the final day. Last week, RBL Bank had allotted 16.2 million shares at Rs 225 apiece to anchor investors (underwriters), raising Rs 364 crore. The price band is Rs 224-225 a share. As much as Rs 832 crore of the IPO is fresh equity; the rest is offer for sale by investors.
