The retail portion of the planned deal had received 10 billion riyals, it also said.
Besides concerns of the market's capacity, firms are sceptical of how public market investors, lured by steady profits and dividends, will value internet businesses
Edelweiss Financial Services Ltd and Axis Capital will manage the company's initial share-sale. Shares of the company will be listed on the BSE and NSE.
Building early momentum is important in large equity offerings, as investors are encouraged to jump in when they see other institutions rushing to buy shares.
This IPO is mainly to meet the regulatory requirement. RBI had asked the Bank to list on the bourses by September but this was delayed due to procedural issues
The banks will be paid 35 basis points of the money raised, according to the three sources
The company's board has authorised the management to evaluate any such scheme in this regard, Forbes & Company said in a regulatory filing.
The leading managers for the issue are Axis Capital and IIFL Securities
Saudi Aramco said it would sell 1.5 percent of the company in a blockbuster initial public offering worth between $24 billion and $25.6 billion
The IPO is part of the government's ambitious disinvestment programme that targets raising Rs 1.05 trillion via this route in financial year 2019-20
Of 85 IPOs to hit the market between FY17 and FY19, 58 ended at a premium to their offer prices
Markets regulator Sebi had received draft red herring prospectus for the proposed IPO on February 8
The Aramco listing is expected to be a major topic at a major investment summit that opened Tuesday in Riyadh
Details of the offering could change as the deliberations are ongoing
The state-owned company raised Rs 645 crore through its initial public offer (IPO).
The IPO, which was open for subscription between September 30 and October 4, was subscribed 112 times
The public offers of Affle (India) Ltd and Metropolis Healthcare have given smart returns to their investors soaring about 49 and 40 per cent, respectively
While Ola's high cash burn, owing to its fierce fight with Uber, is a dampener, some of its recent bets on newer areas make it attractive
In the first two days of the three-day offer, the IPO was oversubscribed by 325 per cent
The issue closes on Thursday