The initial public offer (IPO) of Religare Enterprises, a financial services provider led by promoters of Ranbaxy Laboratories, got subscribed by nearly 12 times on the second day of the issue.
The IPO received bids for 8.79 crore shares against 75.76 lakh equity shares on offer, data available on the stock exchanges show.
The company has fixed the price band of Rs 160 to Rs 185 for the issue which will close on November 1.
The issue received robust response from FIIs with the portion reserved for the Qualified Institutional Buyers getting subscribed by over 16 times. The portion reserved for retail investors got subscribed four times.
The funds raised through IPO would be invested to for expansion of domestic operations as well as the branch network, the company informed.
Religare Enterprises is a holding company of 11 subsidiaries, which are engaged in offering financial services targeted at retail, high networth individuals besides corporate and institutional clients.
The company recently sold 5 per cent stake to Indopark Holdings, a subsidiary of Merrill Lynch for Rs 60.6 crore.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment