KFin Technologies Ltd's initial public offering (IPO), which opened for subscription on Monday, was oversubscribed 2.59 times on the third day. The IPO saw strong response from qualified institutional buyers and retail investors.
The public issue closed today. The issue was subscribed 0.55 times on the first day, and 0.70 times on the second day.
The company has received bids for 6,14,67,760 shares against 2,37,75,215 shares on offer, according to data from the BSE.
The qualified institutional buyers' portion was subscribed 4.17 times. The company received bids for 5,40,46,680 shares against 1,29,68,300 on offer for this segment.
The retail investors' portion was subscribed 1.36 times. The company received bids for 58,99,680 shares against 43,22,766 on offer for this segment.
On the other side, the non-institutional investors' portion was only subscribed 0.23 times. The company received bids for 15,21,400 shares against 64,84,149 on offer for this segment.
The company intends to raise ₹1,500 crore through the issue that is entirely an offer for sale.
The issue is priced at ₹347 to 366 per share, and the minimum order quantity is 40 shares.
The tentative date of the company's listing is December 29, and the shares are proposed to be listed on BSE and NSE.
On December 16, KFin Technologies raised ₹675 crore from anchor investors ahead of its IPO by allotting 1.84 crore shares at 366 rupees each. Investors include Carmignac Portfolio, Pinebridge Global Funds and IIFL Special Opportunities Fund.
As per the Red Herring Prospectus, the company expects that listing of the equity shares will enhance its visibility and brand image, provide liquidity to its shareholders, and will also provide a public market for the equity shares in India.
ICICI Securities Ltd, Kotak Mahindra Capital Company Ltd, and J.P. Morgan India Private Ltd are the book running lead managers of the public issue.