Spandana Sphoorty IPO scrapes through, thanks to institutional investors

The Rs 1,200-crore IPO of Spandana Sphoorty Financial managed to scrape through, helped by institutional investors. The 9.8-million share offering received bids for only 10.3 million  — 84 per cent of which came from qualified institutional buyers. Of the three buckets, the QIB portion was subscribed 3.1 times, while the HNI portion was subscribed just 55 per cent and retail category only 10 per cent. Bankers said undersubscribed shares in HNI and retail buckets will be allotted to institutional investors. Sterling & Wilson was subscribed 32 per cent a day before its close.