Bandhan Bank IPO subscribed 88% on second day of three-day bidding

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Bandhan Bank's initial public offering (IPO) was subscribed 88 per cent on the second day of the three-day bidding on Friday.

The IPO to raise Rs 44.73 billion received bids for 73,614,520 shares against the total issue size of 83,496,347 shares, data available with the National Stock Exchange (NSE) till 1700 hrs showed.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 2.33 times, non institutional investors 24 per cent and retail investors 33 per cent.

Kolkata-based Bandhan Bank on Wednesday raised Rs 13.42 billion from anchor investors and is looking to raise a total amount of Rs 44.73 billion from the public issue of its shares.

The IPO is of up to 1,19,280,494 shares comprising of a fresh issue of up to 97,663,910 shares and an offer for sale of up to 21,616,584 shares (including anchor portion of 35,784,147 shares). The offer, which would conclude on March 19, is in a price band of Rs 370-375.

Kotak Mahindra Capital Company, Axis Capital, Goldman Sachs (India) Securities, JM Financial and JP Morgan India are managing the issue. 

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