ESAF Small Finance Bank IPO: Issue Subscribed 73.15 Times On Last Day

ESAF Small Finance Bank IPO: The Rs 463-crore initial share sale received bids for 4,22,28,99,750 shares against 5,77,28,408 shares on offer, according to NSE data

The public offer had a fresh issue aggregating up to Rs 390.7 crore and offer for sale of up to Rs 72.3 crore.

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ESAF Small Finance Bank's Initial Public Offering (IPO) was subscribed 73.15 times on the last day of subscription on Tuesday. The Rs 463-crore initial share sale received bids for 4,22,28,99,750 shares against 5,77,28,408 shares on offer, according to NSE data. 

The portion for Qualified Institutional Buyers (QIBs) received 173.52 times subscription while the quota for non-institutional investors got subscribed 84.37 times. The retail individual investors part received 16.97 times subscription.

The public offer had a fresh issue aggregating up to Rs 390.7 crore and offer for sale of up to Rs 72.3 crore. The initial share sale had a price range of Rs 57-60 a share. Those selling shares in the OFS were promoter ESAF Financial Holdings Pvt Ltd, and other shareholders, PNB MetLife India Insurance Company Ltd, and Bajaj Allianz Life Insurance Company Ltd.

ESAF Small Finance Bank said it has collected Rs 135 crore from anchor investors. Proceeds of the fresh issue will be utilised to augment the bank's Tier-1 capital base.

ESAF Small Finance Bank is one of the leading small finance banks in India in terms of client base size, yield on advances, net interest margin, assets under management, Compound Annual Growth Rate (CAGR), total deposit CAGR, loan portfolio concentration in rural and semi-urban areas and ratio of micro loan advances to gross advances.

ICICI Securities, DAM Capital Advisors and Nuvama Wealth Management were the managers to the offer. The equity shares of the bank will be listed on the BSE and the NSE. 

ASK Automotive IPO

On the other hand, auto ancillary player ASK Automotive IPO received 38 per cent subscription on the first day of share sale on Tuesday. The initial share sale received bids for 78,51,155 shares against 2,06,99,974 shares on offer, as per NSE data.

The portion for Retail Individual Investors (RIIs) was subscribed 56 per cent while the quota for non-institutional investors received 41 per cent subscription. The category for Qualified Institutional Buyers (QIBs) got 3 per cent subscription. The IPO is an OFS of 2,95,71,390 equity shares by promoters, Kuldip Singh Rathee and Vijay Rathee.