Fedbank Financial Services IPO: Issue subscribed 2.2 times, retail portion booked 1.82 times on final day

Fedbank aims to raise Rs 1,092.26 crore through the IPO

After a slow start, Fedbank Financial Services IPO was subscribed 2.2 times on November 24, the final day of subscription. Investors had bid for 12.3 crore shares against an issue size of 5.6 crore.

Retail investors bought 1.82 times their allotted quota of shares, non-institutional investors (NIIs) picked up 1.45 times, while qualified institutional buyers (QIBs) subscribed 3.51 times the shares set aside for them.

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The firm has reserved Rs 10 crore worth of shares for its employees who will get them at a discount of Rs 10 to the final offer price. Employees have bought 1.34 times the allotted quota.

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Fedbank aims to raise Rs 1,092.26 crore through the IPO, which comprises a fresh issuance of 4.29 crore shares worth Rs 600.77 crore and an offer-for-sale (OFS) of 3.51 crore shares worth Rs 492.26 crore at the upper end of the Rs 133-140 price band.

Also Read: Fedbank Financial Services IPO: 10 things to know before subscribing to Rs 1,092 crore issue

Fedbank Financial Services raised Rs 324.68 crore through the anchor book on November 21. A total of 22 investors participated in the anchor book, including Societe Generale, Integrated Core Strategies, Marshall Wace Investment Strategies, Goldman Sachs, Segantii India Mauritius, Copthall Mauritius Investment, and Citigroup Global Markets, the company told the exchanges.

ICICI Securities, BNP Paribas, Equirus Capital Private and JM Financial are the book-running managers for the issue, while Link Intime India is the registrar.

Also Read: Fedbank Financial Services IPO | Company receives Rs 325 crore from anchor investors

Federal Bank Fedbank Financial Services (Fedfina) is a Mumbai-based retail-focused non-banking finance company (NBFC) and caters to the MSMEs as well as the emerging self-employed individuals sector. It has a presence in 17 states and union territories.