Fedbank Financial Services’ entry into the stock market was weak. The share was listed on BSE at Rs 137.75 with a discount of 2.25%. At the same time, it was listed at 138 on NSE with a discount of 1.42%.
How much subscription was received?
FedBank Financial Services had received a good response from market investors. Till the last day of listing on November 24, Fedbank’s IPO was subscribed 2.20 times overall. Its QIB portion was filled 3.51 times, NII portion 1.45 times and retail portion 1.82 times.
The company had also kept shares for subscription for employees, which were subscribed 1.34 times overall.
IPO information?
The company is a retail focused NBFC targeting MSMEs and emerging self-employed individuals. The price band of IPO was fixed at Rs 133-140.
The company has set a target of raising Rs 600.7 crore through 4.29 crore shares in fresh issue and Rs 492.26 crore through 3.52 crore shares in Offer for Sale (OFS).
Who is selling how many shares?
Through OFS, Federal Bank will sell 1.65 crore shares of the company, after which its stake will reduce from 73% to 61%. Also, True North Fund VI LLP will sell 5.38 crore shares, after which its stake will reduce from 25% to 8.5%.
