Yes Bank FPO shares to list on July 27; stock plunges 49% in 2 weeks

FPO shares were allotted to eligible participants in the issue on July 23 and the same shares were credited to their accounts on July 24.

"Securities of Yes Bank are listed and admitted for trading on the exchange with effect from July 27, 2020. These shares rank pari-passu with the existing equity shares of the company," said the BSE in its release.

It was the second public issue during the lockdown. Rossari Biotech was the first one to launch an IPO since the SBI Card which was in March this year.

Yes Bank, which raised Rs 4,098 crore through anchor book and rest through the issue during July 15-17, was subscribed 93 percent while including anchor book, the subscription stood at 95 percent largely supported by QIB category which saw subscription of 1.90 times.

State Bank of India is the largest shareholder in Yes Bank with 48.21 percent stake followed by ICICI Bank, HDFC, Axis Bank, Kotak Mahindra Bank, Bandhan Bank, Federal Bank and IDFC First Bank, which all invested Rs 10,000 crore in Yes Bank under Reconstruction Scheme in March this year.

Yes Bank share price has been corrected consistently since July 10, losing 48.8 percent to close at Rs 13.65 on July 24. It shed 55 percent since the announcement of FPO price band on June 10.

The price band was Rs 12-13 and the share price was Rs 30.45 on June 10. Hence, the correction till around its issue price was on expected lines.

"The stock price may adjust near to its issue price before the listing," Arun Kejriwal, the primary capital market expert and owner of AK47.in had told Moneycontrol before the issue opening.