DCB IPO subscribed 35.68 times

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Development Credit Bank, DCB, one of India's private sector bank promoted by the Switzerland-based Aga Khan Fund for Economic Development, AKFED, headquartered in Mumbai, closed for subscription.

The issue has been subscribed 35.68 times as per NSE website.

The total bids received for the issue were 2,55,12,12,500 shares against total issue size of 7.15 crore shares.

Subscription details

Subscription details	Times
Qualified institutional buyers	37.98
Non institutional investors	84.10
Retail individual investors	15.31
Employee Reservation	0.43
Total	35.68

 

 

 

 

The company entered in the capital market with an initial public issue of 7,15,00,000 equity shares of Rs 10 each. The price is to be determined through a 100% book build process.

The price band for its IPO was between Rs 22 and Rs 26 per share.
 
The issue comprises of a reservation of 25,02,500 equity shares for eligible employees and the net issue to the public would be for 6,89,97,500 equity shares.
 
The issue will help the bank strengthen its capital base as also help it meet the capital adequacy norms required by Basel II and recommended by the Reserve Bank of India.
 
The book running lead managers to the issue were JM Morgan Stanley Private Limited and Enam Financial Consultants Private Limited. Intime Spectrum Registry Limited had been appointed as the registrar to the issue.