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ESAF Small Finance Bank IPO subscribed 1.74 times on first day of offer
The initial public offer of ESAF Small Finance Bank got subscribed by 1.74 times on the first day of subscription on Friday.
The Rs 463-crore initial share sale received bids for 10,02,26,500 shares against 5,77,28,408 shares on offer, as per NSE data.
The category for non institutional investors got subscribed 2.44 times while the quota for Retail Individual Investors (RIIs) received 1.97 times subscription. The portion for Qualified Institutional Buyers (QIBs) was subscribed 90 per cent.
The Initial Public Offering (IPO) has a fresh issue aggregating up to Rs 390.7 crore and offer for sale (OFS) of up to Rs 72.3 crore.
The IPO will conclude on November 7.
Those selling shares in the OFS are promoter ESAF Financial Holdings Private Ltd, and other shareholders -- PNB MetLife India Insurance Company Ltd and Bajaj Allianz Life Insurance Company Ltd.
Proceeds of the fresh issue will be utilised to augment the bank's Tier-1 capital base.
Price range for the offer is at Rs 57-60 a ..