Abans Holdings offer subscribed 11% the first day of subscription

The Initial public offering (IPO) of Abans Holdings, financial services arm of the Abans Group, was subscribed 11 per cent on the first day of subscription on Monday.

The IPO received bids for 14,30,715 shares against 1,28,00,000 shares on offer, according to National Stock Exchange of India data.
 

The category for non-institutional investors received 12 per cent subscription and retail individual investors (RIIs) part was subscribed 13 per cent.

The IPO of up to 1.28 crore equity shares has a fresh issue of up to 38 lakh equity shares and an offer for sale of up to 90 lakh equity shares.Price range for the offer is at Rs 256-270 a share.

Proceeds from the fresh issue will be utilised towards investment in its NBFC subsidiary, Abans Finance, for financing the augmentation of its capital base.