Abans Holdings Ltd's initial public offering (IPO) was subscribed 1.10 times on the fourth day, driven by strong response from qualified institutional buyers and non-institutional investors. Retail investors, however, subscribed to less than half of the portion allotted to them.
The public offering was subscribed 0.11 times or 11 percent on the first day, 0.28 times or 28 percent on the second day, and 0.46 times or 46% on the third day.
The company received bids for 1,40,22,305 shares against 1,28,00,000 shares on offer, according to data from the BSE.
Here's what brokerages had to say on the IPO.
The qualified institutional buyers' portion was subscribed 4.10 times. The company received bids for 52,47,385 shares against 12,80,000 on offer for this segment.
The retail investors' portion was subscribed 0.40 times. The company received bids for 31,06,840 shares against 76,80,000 on offer for this segment.
The non-institutional investors' portion was subscribed 1.48 times. The company received bids for 56,68,080 shares against 38,40,000 on offer for this segment.
The company has set the price band at 256 to 270 rupees per equity share.
The IPO offer consists of a fresh issue of up to 38 lakh equity shares and offer-for-sale by promoter Abhishek Bansal of up to 90 lakh equity shares.
Along with other basic business needs, the proceeds from the issue will be utilised to increase the NBFC subsidiary's (Abans Finance) capital base.