Bandhan Bank IPO Subscribed 0.66 Times On Second Day Of Bidding

Gold Silver Reports (GSR) – Bandhan Bank IPO Subscribed 0.66 Times On Second Day Of Bidding — Bandhan Bank’s Rs 4,473-crore initial public offering was subscribed 0.66 times on the second day of bidding, today. The IPO received bids for 5.48 crore shares against the total issue size of 8.34 crore shares, according to stock exchange data as of 4 pm.

The portion set aside for qualified institutional buyers was oversubscribed on the first day. So far it has received bids for 1.63 times the number of shares on offer, data provided by Axis Capital showed. The retail segment was subscribed 0.28 times the number of shares allotted, while shares reserved for non-institutional bidders was subscribed 0.23 times.

The IPO is a combination of fresh issue worth Rs 3,662 crore, and an offer for sale of Rs 811 crore by existing investors – World Bank arms International Finance Corp (IFC) and IFC FIG Investment Company. Post the offer, the promoter holding in Bandhan Bank will come down to 82.3 percent from the current 89.6 percent.

Read More: Bandhan Bank Sets Price Range For IPO

The price band for the three-day IPO was fixed at Rs 370-375 apiece.

Ahead of the IPO, the lender raised Rs 1,342 crore by selling shares to 65 anchor investors. Amansa Holdings, ICICI Prudential, Neuberger Berman, Nomura Fund were the biggest anchor investors.

An erstwhile microfinance company, Bandhan Financial Services Ltd., the country’s largest at the time, Bandhan Bank commenced banking operations in August 2015 after receiving a universal banking licence from the Reserve Bank of India. – Neal Bhai Reports (NBR) – INDIA

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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