Moneycontrol Bureau
Kolhapur-headquartered RBL Bank is going to list its equity shares on exchanges on August 31 after overwhelming response to the issue closed last week. It has fixed issue price at higher end of price band of Rs 224-225 per share.
The Rs 1,213 crore public issue of RBL Bank, which was earlier known as Ratnakar Bank, oversubscribed 69.62 times on overwhelming response from investors.
The reserved portion of qualified institutional buyers (QIBs) oversubscribed 85.08 times and non-institutional investors 198.06 times while the quota reserved for retail investors saw oversubscription of 5.70 times.
The public issue, which opened during August 19-23, comprised of fresh issue of shares worth Rs 832.50 crore and offer for sale worth Rs 380.46 crore by selling shareholders.
RBL Bank is the first private sector lender to come out with initial public offering in a decade. The last private sector lender that hit capital markets was Yes Bank in 2005 and in the public sector, Punjab and Sind Bank was the one that went public in 2010.
Kotak Mahindra Capital, Axis Capital, Citigroup Global Markets India and Morgan Stanley India were global co-ordinators as well as book running lead managers for the issue. Other book running lead managers were HDFC Bank, ICICI Securities, IDFC Securities, IIFL Holdings and SBI Capital Markets.
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