The Initial Public Offering (IPO) of Bandhan Bank Limited has evoked excellent response with the issue garnering subscription of 14.63 times on the final day.
The IPO opened for subscription on March 15, 2018 and closed for subscription today i.e. March 19, 2018.
The company came out with a Initial Public offer of upto 119,280,494 Equity Shares comprising of a Fresh Issue upto 97,663,910 and an Offer for Sale upto 21,616,584 Equity Shares (including anchor portion of 35,784,147 Equity Shares) of Rs 10 each at a price band of Rs 370 to Rs 375 through 100% Book Building process.
The issue received bids for 1,22,15,22,600 equity shares as against the offer of 8,34,96,347 equity shares. The issue received bids for 4,41,75,160 equity shares at cut-off price.
The Qualified Institutional Buyers (QIBs) portion of the issue received bids for 922627480 equity shares or 38.67 times subscription as against the offer of 23856099 equity shares. Out of the QIB portion, Domestic Financial Institutions (Banks / Financial Institutions(FIs) / Insurance Companies) subscribed for 135632720 equity shares and Mutual funds for 156478360 equity shares and other bid for 135357680 equity shares. The Foreign Institutional Investors(FIIs) had put in bids for 495158720 equity shares.
The Non Institutional Investors portion of the issue received subscription of 13.89 times with bids for 248599360 equity shares as against the offer of 17892075 equity shares. Corporates bid for 102596680 equity shares, Individuals(Other than RIIs) applied for 131004400 equity shares and other applied for 14998280 shares.
The Retail Individual Investors(RIIs) portion of the issue received bids for 50295760 equity shares resulting in a subscription of 1.20 times as against the offer of 41748173 equity shares.
Kotak Mahindra Capital Company Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, JM Financial Limited, and J.P. Morgan India Private Limited were the Book Running Lead Managers to the IPO.
Kotak Securities Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, JM Financial Services Limited and J.P Morgan India Private Limited were the Syndicate Member to the issue.
Karvy Computershare Private Limited is the registrar to the company.