The portion reserved for qualified institutional buyers in Aavas Financiers has been subscribed 2.77 times, non-institutional investors 13 percent and retail investors 19 percent.
The initial public offer of housing finance company Aavas Financiers has subscribed 97 percent on last day of the bidding Thursday, amid challenging stock market conditions for the entire NBFC sector.
The Rs 1,734-crore IPO has received bids for 1.44 lakh equity shares against issue size of 1.47 crore equity shares as per data available on exchanges, at 18:00 hours IST.
The portion reserved for qualified institutional buyers has been subscribed 2.77 times, non-institutional investors 26 percent and retail investors 25 percent.
The IPO comprises a fresh issue of up to Rs 400 crore and an offer for sale of up to 1,62,49,359 shares, including anchor portion of 63,36,439 shares. Price band for the offer is fixed at Rs 818-821 per share.
Aavas Financiers already raised Rs 520 crore from anchor investors on Monday.
The book running lead managers to the issue are ICICI Securities, Citigroup Global Markets India, Edelweiss Financial Services, Spark Capital Advisors (India) and HDFC Bank. Equity shares of the company will be listed on BSE and NSE.Aavas Financiers is a retail, affordable housing finance company, primarily serving low and middle income self-employed customers in semi-urban and rural areas in India.