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Muthoot Finance IPO subscribed 11 times on QIB support
Country's largest gold financing company Muthoot Finance's initial public offering, which closes on April 21, has received good response from investors - especially qualified institutional investors.
Country's largest gold financing company Muthoot Finance 's initial public offering, which closes on April 21, has received good response from investors - especially qualified institutional investors.
The issue has been subscribed 11 times so far, as per data available on NSE. Reserved portion of qualified institutional bidders, which closes today, has subscribed more than 25 times - QIBs put in bids for more than 41 crore equity shares as against reserved portion of 1.8 crore shares.
Non-institutional and retail investors' portion was subscribed 0.98 times and 1.34 times, respectively.
The non-banking finance company engaged in gold loan business plans to raise Rs 901 crore via an initial public offer of 5.15 crore equity shares at the higher end of price band of Rs 160-175 a share.
Issue proceeds will be mainly used for augmenting capital base to meet future capital requirements to provide for funding of loans to customers.
ICICI Securities and Kotak Mahindra Capital Co are the book running lead managers to the issue while HDFC Bank is the co-manager.
