Indostar's 7-bn IPO subscribed 1.42 times till afternoon trade on Day 3

The initial public offering of Indostar Capital Finance was subscribed 1.42 times till afternoon trade on the third day of bidding today.
 

The issue received bids for 3,19,59,590 shares against the total issue size of 2,25,75,438 shares, data available with the NSE till 1330 hrs showed.
 

The IPO is of fresh issue of up to Rs 7 billion and an offer for sale of up to 20 million equity shares (including anchor portion of 9,671,328 equity shares).
 

The issue, which opened on Wednesday, is in a price band of Rs 570-572.
 

The non-banking finance company on Tuesday raised a little over Rs 5.53 billion from anchor investors.
 

Proceeds of the fresh issue will be used to augment capital base to meet future capital requirements.
 

JM Financial, Kotak Mahindra Capital Company, Morgan Stanley India Company, Motilal Oswal Investment Advisors and Nomura Financial Advisory and Securities (India) are managing the issue.