In a move which could be a step away from the negative publicity Indian banks are getting, the IPO for Bandhan Bank was subscribed 15 times over, showcasing the faith the public still has in banks. While a total of 8.34 crore shares were on offer in the IPO, a total of 122.15 crore shares were bid for, as per data from the National Stock Exchange of India. While the IPO consisted of 11.9 crore shares only 8.34 crore were on offer.
Bandhan Bank had priced each share in the band of Rs.370 and Rs.375, with the IPO open from March 15, 2018 to March 19, 2018.
The primary objective of the IPO was to help the bank build more capital to help meet future obligations. The IPO was also aimed at improving brand visibility, in addition to getting more customers.
While bids for 3.50 crore shares were received on the opening day of the IPO, bids for 1.02 crore shares were received on the second day.
The IPO had 2.38 crore shares on offer for qualified institutional buyers, 1.78 crore shares on offer for High Networth Individuals (HNIs), and 4.17 crore shares on offer for retail investors. All these categories were subscribed beyond their limits. While bids for 92.26 crore shares were received under the qualified institutional buyers category, bids for 24.85 crore shares were received under the HNI category. In the retail investor category bids for a total of 4.71 crore shares were received.
Bandhan Bank has time until August 2018 to get itself listed on a stock exchange in the country. The bank, which offers a host of loan products like personal loans, gold loans, two-wheeler loans, etc. was set up in 2015. It currently has over 500 branches across the country.
All information, including but not limited to news articles, published on this website are strictly for general information purpose only. BankBazaarnews.com does not provide any warranty about the authenticity and accuracy of such information. BankBazaarnews.com will not be held responsible for any loss and/or damage that may arise or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for any product may vary from the information mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Copyright reserved © 2018 A & A Dukaan Financial Services Private Ltd. All rights reserved.