Ripples Advisory, Bandhan Bank IPO gets an overall subscription of 88% on Day 2
The portion of shares reserved for institutional investors in the Bandhan Bank IPO was subscribed 233% while those for retail investors and HNIs were subscribed 33% and 24%
The Rs4,470 crore initial public offering (IPO) of Kolkata-based Bandhan Bank Ltd witnessed an overall subscription of 88% on Friday, the second day of the share sale, data from stock exchanges showed.
While the portion of shares reserved for institutional investors in the Bandhan Bank IPO received a firm response, those reserved for other categories of investors are still under-subscribed.
As of 5pm, on the institutional front, the IPO saw a subscription of 233%, while those kept aside for retail investors and high net worth individuals (HNIs) were subscribed 33% and 24%, respectively.
Bandhan Bank has set a price band of Rs370-375 per share for its IPO. At the upper end of the price band, the share sale values the lender at Rs44,730 crore. The issue closes on 19 March.
The IPO comprises a fresh issue of 97.66 million shares, which at the upper end of the price band will fetch the company Rs3,660 crore. The proceeds from the fresh issue will be used to augment the bank’s tier-I capital base to meet future capital requirements of the bank.
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