Kolkata-based private sector lender Bandhan Bank's IPO to raise up to Rs 4,473 crore got subscribed by nearly 15 times as at the end of last day of bidding, backed by strong demand from institutional investors. Investors from across the categories bid for a total of around 121 crore shares as against an issue size of\u00a08.34 shares, implying a subscription of 14.58 times. QIBs registered the highest demand bidding for a total of 38 times their portion. Non-institutional investors registered considerable demand bidding for 6.07 times their portion. Retail investors bid for 1.12 times thier portion. Bandhan Bank\u2019s IPO consisted of a sale of a total of 11.93 crore shares, which includes a fresh issue of 9.7 crore shares to raise Rs 3,663 crore and an offer for sale of around 2.16 crore shares for Rs 813 crore. Notably, the bank will not receive any proceeds from the offer for sale of Rs 813 crore. According to the company\u2019s prospectus the price band was set at Rs 370-375. As the minimum lot is 40 shares, investors could bid for 40 equity shares and in multiples of 40 shares thereafter. Most brokerages say that Bandhan Bank\u2019s IPO is richly priced, and chances of listing gains are low, and advise investors to have a longer-term horizon. Giving a subscriber rating to the issue Angel Broking notes that at the upper end of the IPO price band, Bandhan Bank\u2019s IPO is valued at 8.3x 3QFY18 book value (pre-IPO) and on Post dilution basis at 5x of BV. The firm said that even though valuations are on the higher side, such premium valuations are sustainable for Bandhan Bank given (a) healthy return ratio (25%+ RoE for FY2017 and 9MFY2018), (b) balance sheet strength (24.8% CAR ratio, CASA \u2013 33.2%) and (c) experienced and focused management.