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IndoStar IPO subscribed seven times on heavy QIB interest, retail lags

HNI and retail portion subscribed 7 times and 1.34 times respectively

BS Reporter  |  Mumbai 

Representative Image (Photo: Shutterstock)
Representative Image (Photo: Shutterstock)

Capital Finance’s Rs 18.44-billion garnered nearly seven times subscription. The portion saw the highest demand at 16 times the shares on offer. The and retail portion of the issue were subscribed just seven times and 1.34 times respectively.

Through the IPO, is looking to raise Rs 7 billion by issuing fresh equity shares to shore up its capital base. The offering will also comprise of an offer for sale worth Rs 11.44 billion.

The price band for the IPO was Rs 570 to Rs 572 per share. At the top end, is valued at Rs 52 billion.

IndoStar is primarily focused on corporate lending and vehicle financing. It also has a presence in the housing finance and SME lending space. Its credit exposure stood at Rs 51.7 billion as on December 31, 2017. JM Financial, Kotak Mahindra Capital, Morgan Stanley, are the investment bankers handling the issue.

First Published: Sat, May 12 2018. 03:14 IST