The Initial Public Offering of a Non-banking financial company backed by Everstone Capital-IndoStar Capital Finance Ltd. was subscribed 69% on the second day of bidding on Thursday.
According to stock exchange data, the public issue of 22.57 million shares which excludes the allotment of anchor investors received bids for nearly 46.46 million shares.
The category Qualified institutional buyers (QIBs) which was set aside also witnessed a subscription for over 1.80 times non-institutional investors 3% and retail investors 34%.
Much ahead of the offering, this Mumbai based firm has successfully raised Rs 553.2 crore from prominent anchor investors including East Bridge Capital and Fidelity among others.
The IPO will witness partial exit of promoters as well as co-investors. The offering is a combination of fresh shares as well as a secondary sale of shares.
Proceeds of the fresh issue will be used to augment capital base to meet future capital requirements by the company. 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.
The company had filed a draft proposal with market regulator, Securities and Exchange Board of India (SEBI) early in February and had received a successful nod to float its IPO early in April this year.