Bandhan Bank IPO subscribed 42% on the first day of the issue

Bandhan Bank’s Rs 45-billion initial public offering (IPO) was subscribed 42 per cent on Thursday, the first day of the issue. 

The qualified institutional investor (QIB) portion of the IPO has garnered 1.3 times subscription, while the retail quota has been subscribed 12 per cent. 

On Wednesday, the bank had allotted shares worth Rs 13.4 billion to anchor investors. 

The anchor portion saw huge demand. Some of the investors given allotment include BlackRock, Fidelity, HSBC and White Oak. 

The price band for the IPO has been fixed at Rs 370 to Rs 375 per share. At the top end of the price band, Bandhan Bank will be valued at nearly Rs 450 billion, making it the eight most valuable bank in the country.