The Initial Public Offerings (IPO) issued by the Bandhan Bank Ltd was subscribed 1.17 times today, on the last day of the sale of shares.
The IPO had received bids for 97,487,160 shares against the total issue size of 83,496,347 shares, as of 11:15 am today, as per data from National Stock Exchange (NSE). On Friday, the IPO witnessed overall subscription of 88%.
The price band was fixed at Rs 370 - Rs 375 per share for the IPO. At the upper end of the price band, the share sale values the lender at Rs 44,730 crore. The issue will close on March 19, 2018.
The IPO comprises of a fresh issue of 97.66 million shares, which at the upper end of the price band will fetch Rs 3,660 crore for the company.
The proceeds from the IPO will be used to augment the bank's tier - I capital base to meet the future capital requirements of the bank.