Mumbai: The Initial public offering of Bandhan Bank Ltd was subscribed 1.17 times on the last day of the shares sale on Monday.
As of 11.15am, the IPO received bids for 97,487,160 shares against the total issue size of 83,496,347, according to NSE data. On the second day on Friday, the IPO had witnessed an overall subscription of 88%.
Bandhan Bank has set a price band of Rs370-375 per share for its IPO. At the upper end of the price band, the share sale values the lender at Rs44,730 crore. The issue closes on 19 March.
The IPO comprises a fresh issue of 97.66 million shares, which at the upper end of the price band will fetch the company Rs3,660 crore. The proceeds from the fresh issue will be used to augment the bank’s tier-I capital base to meet future capital requirements of the bank.
Bandhan Bank started its operations in August 2015. As of 31 December, the bank had 887 branches and 430 ATMs. The lender’s current offerings include retail loans, micro loans, micro, small and medium enterprise (SME) loans and small enterprise loans.