Suryoday Small Finance Bank initial public offering fully subscribed

The IPO of Suryoday Small Finance Bank was fully subscribed on the second day of subscription

The initial public offer of Suryoday Small Finance Bank was fully subscribed on the second day of subscription on Thursday.

The Rs 582-crore issue received bids for 1,36,77,272 shares against 1,35,15,150 shares on offer, as per the NSE data.

The portion meant for non-institutional investors has subscribed 20 per cent and those for retail individual investors (RIIs) 2 times.

The initial public offer (IPO) of 19,093,070 equity shares comprises a fresh issue of up to 8,150,000 equity shares and an offer for sale of up to 10,943,070 equity shares.

The price range for the offer has been fixed at Rs 303-305 per share.

Suryoday Small Finance Bank on Tuesday raised a little over Rs 170 crore from anchor investors.

The bank has proposed to utilise the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements.

The small finance bank has over 20 institutional investors with a mix of institutional investors, development funds, and private equity investors.

Axis Capital Limited, ICICI Securities Limited, IIFL Securities Limited and SBI Capital Markets Limited are the managers to the offer.