Worker sit inside a building under construction. (Photographer: Brent Lewin/Bloomberg)

Aavas Financiers’ IPO Subscribed 0.03 Times On First Day Of Bidding

Aavas Financiers Ltd.’s Rs 1,734-crore initial public offering was subscribed 0.03 times on the first day of bidding today.

Shares reserved for qualified institutional buyers were subscribed 0.09 times the number of shares on offer, according to National Stock Exchange data. The retail segment of the housing finance company’s IPO saw muted demand at 0.01 times.

The firm, which has allocated 1.62 crore shares at Rs 818-821 apiece, received 4.11 lakh bids today.

Promoters Lake District Holdings Ltd., Partners Group Private Equity Master Fund LLC and Partners Group ESCL will sell 24.2 percent of their shareholding from the existing 81.26 percent.

Also read: Aavas Financiers’ IPO: Here’s All You Need To Know