Fedbank Financial Services IPO Subscribed 1.06 Times, Gaining Momentum on Final Subscription Day

24 Nov 2023 , 12:08 PM

After an initially slow start, the Fedbank Financial Services IPO reached full subscription, registering 1.06 times coverage on the noon of November 24, the closing day for subscriptions. Investors bid for 5.93 crore shares against the initial issue size of 5.6 crore. Click here to subscribe the IPO.

Retail investors demonstrated notable interest, subscribing 1.49 times their allocated share quota. Non-institutional investors (NIIs) displayed strong demand, subscribing to 71% of the shares, while qualified institutional buyers (QIBs) subscribed to 56% of their allocated shares.

The company has earmarked Rs 10 crore worth of shares for its employees, who will acquire them at a discounted rate of Rs 10 from the final offer price. Employees have successfully subscribed to 1.01 times their allocated quota.

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

ICICI Securities, BNP Paribas, Equirus Capital Private, and JM Financial serve as the book-running managers for the issue, with Link Intime India acting as the registrar.