RBL Bank IPO Subscribed Nearly 70 Times on Final Day
The initial public offering of RBL Bank was subscribed 69.9 times on its third and final day of bidding. The IPO received bids worth Rs 59,269 crore with over 1.06 million applicants.
The public issue received bids for 263.8 crore shares against an offering of 3.79 crore shares, according to information available on the stock exchanges at 7 pm.
The quota reserved for retail investors was subscribed 5.69 times, while the portion for high networth individuals was subscribed 198.66 times. Besides, shares reserved for qualified institutional buyers saw an oversubscription of 85.73 times.
Bidding for QIB and HNI categories closed by 5 pm while the retail bidding went on till 7:00 pm.
The bank had earlier raised Rs 364 crore by issuing shares to anchor investors at the upper end of the price band.
The price band for the Rs 1,200 crore IPO was fixed at Rs 224-225 per share. RBL Bank set out to raise Rs 832.50 crore through issue of fresh shares and up to Rs 380.46 crore from an offer for sale by existing shareholders.
It’s the first private bank to issue shares to the public in a decade. Yes Bank was the last private sector lender to hit the capital markets in 2005.