"The IPO market is buoyant for good quality company issues which are priced cautiously. There is investor appetite for companies which price their IPOs keeping money-on-table for investors," J Kalyaniwala, vice president of investment banking at Prabhudas Lilladher said.
On the BSE, the stock price closed up 2.36 percent at Rs 585.50 after hitting a day's high of Rs 606.30 and low of Rs 578.50.
The non-banking finance company will use issue proceeds for augmenting capital base to meet future capital requirements while money raised through offer for sale will go to selling shareholders.
While he declined to share the revenue details, Goel said the company intends to release the half-yearly financial details from the October quarter as the company is looking at becoming a public company.
The Rs 1,844-crore initial public offer was subscribed 6.8 times during May 9-11, receiving bids for 15.36 crore shares against the total issue size of 2.25 crore shares.
What one has to keep in mind when it comes to IPOs are the valuations at which they take place.
The listing follows the demerger of the company from Orient Paper & Industries Limited last year.
The IPO comprises fresh issuance of shares worth Rs 450 crore besides an offer for sale of up to 30 lakh equity stocks by existing shareholder Kanubhai M Patel Trust, as per the draft papers.
The category set aside for qualified institutional buyers (QIBs) was subscribed 3.26 times, non institutional investors 0.06 times and retail investors 0.6 times.
The category set aside for qualified institutional buyers (QIBs) was subscribed 1.80 times, non institutional investors 3 per cent and retail investors 34 per cent.
The company's IPO committee has finalised allocation of up to 48,69,600 equity shares of face value of Rs 10 for cash at a price band of Rs 151–160 per share.
“I am not giving a timeline to that. We'd like to see that happen in the future but no timeline as of now,” the executive said in a conference call with analysts.
The company has raised a little over Rs 553 crore from anchor investors.
Ajcon Global has come out with its report on Indostar Capital Finance. The research firm has recommended to "Subscribe " the IPO in its research report as on May 8, 2018.
The price band of the issue is Rs 570-572 per equity share of the company of face value of Rs 10 each.
The general insurance company is a subsidiary of State Bank of India. SBI's life insurance arm was listed in FY18
ICICI Direct has come out with its report on Indostar Capital Finance Ltd. The research firm has recommended to "Avoid" the IPO in its research report as on May 8, 2018.
The IPO, the first in FY19, is scheduled to open on May 9 and close on May 11. Anchor investor allocation will be a day prior to the bid/offer opening date: May 8
Aditya Birla Money has come out with its report on Indostar Capital Finance. The research firm has recommended to "Subscribe " the IPO in its research report as on May 7, 2018.
The public offer comprises of fresh issue of equity shares aggregating up to Rs 75 crore and an offer for sale of up to 18 lakh equity shares by selling shareholders.
SEBI said in a status report that it has sent a letter to lead manager Kotak Mahindra Bank that proceedings have been kept in abeyance for examination of past violations.
The company had filed draft papers with Securities and Exchange Board of India (Sebi) in February and obtained its "observations" on August 27, as per the latest update with the regulator.
The announcement came as the company posted revenue of 114.62 billion yuan (USD 18 billion) in 2017, up 67.5 percent against 2016. It also said it made a net loss of 43.89 billion yuan versus a profit of 491.6 million yuan in 2016.
The NBFC plans to raise fresh capital worth Rs 700 crore and the rest of the money would be raised through sale of 20 million shares by its existing promoter and other shareholders
Lodha had last week revived its IPO plans after eight years by filing draft red herring prospectus with markets regulator Sebi.