Tata Capital’s initial public offering (IPO) received an overall subscription of 39% on day one, according to data on BSE. The non-bank financial company received bids for 128.61 million shares against the total issue size of 333.43 million shares.
Among the investors, the employee quota was fully subscribed, while qualified institutional buyers booked 52%, retail investors 35% and the non-institutional investors at 29%.
What’s the price range of the IPO?
The IPO is priced in the range of Rs 310-Rs 326 per share, with a minimum lot size of 46 shares. The three-day bidding window closes on Oct 8. The proceeds of the IPO will be used to augment its tier-I capital base to meet the company’s future capital requirements, including onward lending.
Tata Capital closed its anchor book on Friday, raising a massive Rs 4,642 crore from 135 anchor investors, including global giants like Morgan Stanley and Goldman Sachs, and domestic funds like LIC and HDFC Mutual Fund.
Kotak Mahindra Capital Co, Axis Capital Ltd, BNP Paribas, Citigroup Global Markets India Pvt Ltd, HDFC Bank, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services Limited, J.P. Morgan India, and SBI Capital Markets are the book running lead managers to the offer.
Other developments from day 2
On day 2 of bidding, WeWork India IPO was subscribed 0.13 times. The QIB investors’ portion was subscribed 0.09 times, while non institutional investors were subscribed 0.06 times, and retail investors subscribed 0.37 times. The company received bids for 3.42 million shares against 25.5 million shares on offer on the second day.