New Delhi, Nov 22 (PTI) The Initial Public Offering (IPO) of Fedbank Financial Services (Fedfina), a subsidiary of Federal Bank, got subscribed 38 per cent on the first day of share sale on Wednesday.
The IPO got bids for 2,14,48,471 shares against 5,59,23,660 shares on offer, as per NSE data.
The part meant for Retail Individual Investors (RIIs) received 67 per cent subscription while the quota for non-institutional investors got subscribed 21 per cent.
Fedbank Financial Services on Tuesday said it has collected Rs 325 crore from anchor investors. The public issue has a price band of Rs 133-140 per share.
The issue is a combination of a fresh issue of 4.29 crore shares aggregating to Rs 600.77 crore and an Offer For Sale (OFS) of 3.52 crore shares worth Rs 492.26 crore.
Under the OFS, Federal Bank will offload 1.65 crore shares and True North Fund VI LLP will divest 5.38 crore shares.
Fedfina proposes to utilise the net proceeds from the fresh issue towards augmenting the Tier-I capital base to meet its future capital requirements and offer expenses.
ICICI Securities, BNP Paribas, Equirus Capital and JM Financial are the book running lead managers of the offer.
On Monday, Fedbank Financial Services raised Rs 330 crore in a pre-IPO placement round. PTI SUM SGC RAM
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