Suryoday Small Finance Bank initial public offer subscribed 2.37 times

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The initial public offer of Suryoday Small Finance Bank was subscribed 2.37 times on the last day of subscription on Friday.

The Rs 582-crore issue received bids for 3,20,66,482 shares against 1,35,15,150 shares on offer, as per NSE data.

The portion for qualified institutional buyers (QIBs) was subscribed 2.18 times, non-institutional investors 1.31 times and retail individual investors (RIIs) 3.09 times.

The initial public offer of 19,093,070 equity shares comprised a fresh issue of up to 8,150,000 equity shares and an offer for sale of up to 10,943,070 equity shares.

Price range for the offer was at Rs 303-305 per share.

Suryoday Small Finance Bank had on Tuesday raised a little over Rs 170 crore from anchor investors.

The bank has proposed to utilise the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements.

The small finance bank has over 20 institutional investors, including development funds and private equity investors.

Axis Capital, ICICI Securities, IIFL Securities and SBI Capital Markets were the managers to the offer.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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