Spandana Sphoorty Financial IPO subscribed 1.05 times

Microfinance lender Spandana Sphoorty Financial's initial public offer was subscribed 1.05 times on the closing day of the bidding on Wednesday.

The IPO to raise about Rs 1,200 crore received bids for 1,03,27,585 shares against the total issue size of 98,22,367 shares, as per data with the NSE.

The category reserved for qualified institutional buyers (QIBs) was subscribed 3.10 times, non institutional investors 56 per cent and retail individual investors 9 per cent, merchant banking sources said.

The initial public offer comprises fresh issue of Rs 400 crore and an offer for sale of 93,56,725 shares including anchor portion of 42,08,886 shares.

Price range for the offer, which opened for bidding on Monday, was fixed at Rs 853-856 per share.

Spandana Sphoorty Financial on Friday raised Rs 360.28 crore from 18 anchor investors.

The net proceeds from the fresh issue are proposed to be utilised towards augmenting the company's capital base to meet future requirements and for general corporate purposes, the company had said last week.

Axis Capital, ICICI Securities, IIFL Securities, JM Financial, IndusInd Bank and YES Securities India were the manager to the offer.

The equity shares of the firm are proposed to be listed on the BSE and the NSE.

The company offers income generation loans under the joint liability group model, predominantly to women from low-income households in rural areas.