Muthoot IPO fully subscribed on Day 3

The initial public offer (IPO) of country's largest gold financing company Muthoot Finance got over subscribed 7.09 times till 1500 hrs on the third day of issue today.

The company's IPO received bids worth 31.04 crore equity shares as against 4.3 crore shares on offer, as per a data available with the National Stock Exchange till 1500 hrs.

Muthoot Finance has entered the capital market with a price band of Rs 160-175 a share for the IPO of 5.15 crore equity shares.

At the lower end of the price band, the company will raise Rs 824 crore, while on the upper end it will mop-up Rs 901.25 crore.

The bid, which opened for subscription on April 18 will close today for QIB bidders and tomorrow for retail and non-institutional investors.

The IPO proceeds will be utilised to augment the company's capital base for meeting future capital needs, for funding of loans and for general corporate purposes.

ICICI Securities, Kotak Mahindra Capital are the book running lead managers to the issue, while HDFC Bank is the co-book running lead manager.

Kerala-based Muthoot Finance is a non-deposit taking, non-banking finance company.