Equitas Small Finance Bank IPO subscribed 39% on first day of bidding

The initial public offer of Equitas Small Finance Bank was subscribed 39 per cent on the first day of bidding on Tuesday.

The Rs 517-crore IPO received bids for 4,54,01,850 shares against 11,58,50,001 shares on offer, as per data available with the NSE.

Non institutional investors category was subscribed 3 per cent and retail individual investors 85 per cent.

The initial public offer comprises a fresh issue of Rs 280 crore and an offer for sale of 7.20 crore shares.

Price range for the offer has been fixed at Rs 32-33 per share.

Equitas Small Finance Bank has allotted 42,327,271 shares to 35 anchor investors and raised Rs 139.68 crore.

ICICI Prudential Life Insurance Company, SBI Life Insurance, Franklin India Smaller Companies Fund, Mirae Asset Large Cap Fund and HDFC Life Insurance Company are among the anchor investors.

JM Financial, IIFL Securities and Edelweiss Financial Services are the managers to the offer.

Shares of the company are proposed to be listed on BSE and National Stock Exchange of India.