The initial public offering of Dar Credit & Capital, the non-banking finance company, has received a massive 98.54 times subscription till the final day of bidding, May 23, getting bids worth more than Rs 1,800 crore.
The company launched its maiden public issue on May 21 to raise Rs 25.66 crore comprising entirely fresh issue. The price band for the offer was Rs 57-60 per share.
Investors bid for 30.15 crore equity shares in three days of subscription period, compared to the offer size of 30.6 lakh shares via 79,873 applications.
The company will finalise the IPO share allotment by May 26, while the trading in Dar Credit & Capital shares will commence on the NSE Emerge effective May 28.
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Kolkata-based Dar Credit & Capital that offer personal loans and MSME loans will utilise IPO proceeds mainly for augmenting its capital base, and the remainder funds for general corporate purposes.
GYR Capital Advisors is acting as the merchant banker for Dar Credit IPO.
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