Nisus Finance Services IPO sees 18.81 times subscription on day 2, GMP indicates good listing

Nisus Finance Services IPO

The public issue of Nisus Finance Services Co continued to see a healthy response from investors, who subscribed 18.81 times on December 5, the second day of bidding. Meanwhile, the grey market is signaling good listing performance next week.

The company that provides financial services such as transaction advisory, and fund and asset management, targets to raise Rs 114.2 crore through its initial share sale consisting of a fresh issue of 56.45 lakh shares worth Rs 101.6 crore, and an offer-for-sale of 7 lakh shares worth Rs 12.61 crore at the upper end of the price band of Rs 170-180 per share.

The BSE subscription data showed that investors bought 8.57 crore equity shares in the last two days, compared to the offer size of 45.56 lakh shares, through 81,475 applications.

Retail investors picked 29.07 times their reserved portion, while non-institutional investors booked 16.72 times their allotted quota. The part set aside for qualified institutional buyers was subscribed 3.41 times.

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The issue, which was subscribed 2.92 times till the first day of bidding, December 4, will close on December 6.

Meanwhile, Nisus Finance Services shares were available at around 30 percent premium over the upper price band in the grey market, the market observers said. The grey market is an unofficial market for trading in the IPO shares till the listing.

The Mumbai-based company will utilise fresh issue proceeds for the India, Dubai and GIFT City-based funds and investment in associate company Nisus Fincorp to increase its loan book.

The Amit Anil Goenka and wife Mridula Goenka-promoted company mobilised Rs 32.21 crore from several anchor investors on December 3, including Alpha Alternatives, Negen Undiscovered Value Fund, NAV Capital, Saint Capital Fund, Galaxy Noble Global Opportunities Fund, Nexus Equity Growth Fund, and Aarth AIF.