The initial public offering (IPO) of microfinance lender Spandana Sphoorty Financial was subscribed 6 per cent on the first day of bidding on Monday.
The IPO to raise about Rs 1,200 crore, received bids for 5,71,285 shares as against the total issue size of 98,22,367 shares, according to data available with the National Stock Exchange (NSE).
The portion reserved for qualified institutional buyers was subscribed 19 per cent.
The IPO comprises a fresh issue of Rs 400 crore and an offer for sale of 93,56,725 equity shares, including an anchor portion of 42,08,886 equity shares.
Price range for the offer, which is scheduled to close on Wednesday, has been fixed at Rs 853-856 per share.
Spandana Sphoorty Financial on Friday raised Rs 360.28 crore from 18 anchor investors.
The net proceeds from the fresh issue are proposed to be utilised towards augmenting the company's capital base to meet future requirements and general corporate purposes, the company had said last week.
The equity shares of the firm are proposed to be listed on the BSE and the NSE.
Axis Capital, ICICI Securities, IIFL Securities, JM Financial, IndusInd Bank and YES Securities India are managing the offer.
The company offers income generation loans under the joint liability group model, predominantly to women from low-income households in rural areas.
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