A motorcyclist rides past residential apartment buildings in Palava City on the outskirts of Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Aavas Financiers’ IPO Subscribed 0.97 Times On Final Day 

Final Day Subscription

  • Qualified institutional buyers: 2.77 times
  • Non institutional investors: 0.26 times
  • Retail investors: 0.25 times
  • Overall: 0.97 times

Aavas Financiers Ltd.’s Rs 1,734-crore initial public offering saw 97 percent subscription on its final day of bidding today.

The highest demand came from qualified institutional buyers as shares reserved for this segment was subscribed 2.77 times. The non-institutional investor segment received bids for 0.26 times the number of shares on offer. Shares earmarked for the retail segment of the company was subscribed 0.25 times.

The housing finance company has issued fresh shares worth Rs 400 crore and allocated 1.62 crore shares at Rs 818-821 apiece. The company received bids for 1.4 crore shares at the end of its IPO offering.

The firm raised Rs 520 crore from 34 anchor investors, including AU Small Finance Bank, Abu Dhabi Investment Authority-Behave, DSP Blackrock Tax Saver Fund, SBI Life, Bajaj Life Insurance and Morgan Stanley India Investment.

The company’s bidding was managed by ICICI Securities Ltd., Citigroup Global Markets India Private Ltd., Edelweiss Financial Services Ltd. and Spark Capital Advisors (India) Pvt Ltd.