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Bandhan Bank Makes Strong Debut; Lists With 33% Gains At Rs. 499 On NSE

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The biggest banking IPO issue of Bandhan Bank lists at a premium of 33% over the issue price of Rs. 375. Kolkata based lender's IPO issue concluded last week and received an oversubscription of 14.62 times.

On the NSE, the stock listed at Rs. 499.

Bandhan Bank Makes Strong Debut; Lists With 33% Gains At Rs. 499 On NSE
 

Started as a microfinance institution the company started its banking operations after RBI approval in August 2015.

Before the issue on March 14 the bank raised Rs. 1342 crore through anchor investment by selling shares to some 65 anchor investors that include Nomura Fund, Abu Dhabi Investment Authority, Amansa Holdings, ICICI Prudential, Blackrock India Equities (Mauritius) etc.

The proceeds from the issue will improve the bank's tier I capital to manage future capital needs. As per the prospectus, the main objective with which the issue is being floated is to achieve the benefit of listing equity shares on stock exchanges and also to comply with RBI's licensing guidelines.

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