Affle India IPO Sees 28% Subscription On Day 1 Of Bidding
The initial public offering of mobile marketing firm Affle India Ltd. witnessed 28 percent subscription on Monday—the first day of bidding.
The Affle India IPO, which aims to raise Rs 459 crore, received bids for 942,260 shares against the total issue size of 3,378,021, data from National Stock Exchange showed.
Shares reserved for qualified institutional buyers in the Affle India IPO saw 27 percent subscription, while those meant for non-institutional investors was subscribed 5 percent. Retail investors picked up 67 percent of the shares allocated to them.
On Friday, Affle India raised Rs 206.55 crore from anchor investors.
The Affle India IPO consists of a fresh issue of shares worth Rs 90 crore and an offer for sale of 4,953,020 shares, including the anchor portion of 2,772,483 shares. Shares in the IPO are being issued in a price band of Rs 740-745 apiece. ICICI Securities and Nomura are the lead managers for the issue that will close on Wednesday.
Affle India shares are proposed to be listed on the NSE and BSE.