Indostar Capital Finance fully subscribed on 3rd day of bidding

The initial public offer of non-banking finance company Indostar Capital Finance was fully subscribed on the third day of bidding. The Rs 1,844-crore IPO received bids for 2,78,22,652 shares against the total issue size of 2,25,75,438 shares, as per NSE data at 11.45 AM.

The category set aside for qualified institutional buyers (QIBs) was subscribed 3.26 times, non institutional investors 0.06 times and retail investors 0.6 times.

The issue, which is in a price band of Rs 570-572 per share, would close for bidding today.

The IPO is of fresh issue of up to Rs 700 crore and an offer for sale of up to 2 crore equity shares (including anchor portion of 9,671,328 equity shares).

Indostar Capital Finance on Tuesday raised a little over Rs 553 crore from anchor investors.

Proceeds of the fresh issue will be used to augment capital base to meet future capital requirements.

JM Financial, Kotak Mahindra Capital Company, Morgan Stanley India Company, Motilal Oswal Investment Advisors and Nomura Financial Advisory and Securities (India) are managing the issue.

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