Bandhan Bank IPO subscribed 42% on opening day

Private lender Bandhan Bank's Rs 4,473 crore initial public offer was subscribed 42 per cent on the opening day of the bidding on Thursday.

Over 2.38 crore shares reserved for qualified institutional buyers (QIBs) were oversubscribed 1.26 times while the portion offered for non-institutional investors was subscribed one per cent and retail investors 12 per cent.

Of the total size, the lender allocated over 3.57 crore equity shares at a price of Rs 375 a piece aggregating to Rs 1,341.91 crore to 65 anchor investors.

According to data available with the NSE till 5 p.m., the offer of over 8.34 crore shares has received bids for over 3.5 crore shares.

The lender had set a price band of Rs 370 to Rs 375 per equity share of face value Rs 10 each and of the total issue size of over 11.92 crore shares, it offered fresh equity shares to the tune of 9.76 crores and an offer for sale of up to 1.40 crore shares by the International Finance Corporation (IFC) and 75.65 lakh shares by IFC FIG Investment Company.

The offer will close on March 19.

--IANS

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