Indian two thousand and five hundred rupee banknotes are arranged for a photograph in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

IndoStar Capital Finance IPO Subscribed 69% Times On Second Day Of Bidding

The initial public offering of non-banking finance company Indostar Capital Finance Ltd. subscribed 69 percent on the second day of bidding today.

The Rs 1,844-crore maiden offer received bids for 1.56 crore shares against the total issue size of 2.26 crore shares, the National Stock Exchange data showed.

The category set aside for qualified institutional buyers subscribed 1.80 times. The portion reserved for non-institutional investors subscribed 0.03 times and that of retail investors 0.34 times.

The issue, which is in a price band of Rs 570-572 per share, would close for bidding tomorrow. The IPO includes a fresh issue of Rs 700 crore and an offer for sale by existing investors to the tune of Rs 1,144 crore.

Indostar Capital Finance on Tuesday raised a little over Rs 553 crore from anchor investors. Proceeds of the fresh issue will be used to augment the capital base.

JM Financial, Kotak Mahindra Capital Company, Morgan Stanley India Company, Motilal Oswal Investment Advisors and Nomura Financial Advisory and Securities (India) are managing the issue.

Also read: IndoStar Capital Finance IPO: Here’s All You Need To Know