RBL Bank made a stellar debut on bourses on Wednesday as shares of the bank closed 33 per cent higher at Rs 299.40 against the issue price of Rs 225 on NSE. The scrip listed at Rs 274.20. On BSE, the scrip closed at Rs 299.30. Shares of the private lender opened the day at Rs 273.70 on BSE.
The IPO of RBL Bank had received an overwhelming response from investors as it was oversubscribed by 69.50 times. The initial public offer had got bids for 2,63,40,58,310 shares against 3,79,01,919 shares offered by the lender. RBL Bank had fixed a price band of Rs 224-255 for the initial public offer. The issue was opened for subscription from August 19 to August 23.
During the day, shares of RBL Bank touched a high and low of Rs 305.50 and Rs 274.20 on NSE. On BSE, the scrip hit a high and low of Rs 305 and Rs 273.70 on the first day of trade.
The bank had plans to garner around Rs 1,213 crore at the upper price band of Rs 225. On August 18, RBL Bank raised around Rs 363.89 crore from 25 anchor investors by allotting 1.61 crore shares at a price of Rs 225 apiece. In a pre-IPO placement which was held in December last year, the bank allotted 2.50 crore shares at a price of Rs 195 per share to investors, amounting to Rs 487.5 crore. Asian Development Bank, DVI Fund (Mauritius) and CDC Group were among these investors.
The bank was established as a small, regional bank in Maharashtra in 1943 with two branches in Kolhapur and Sangli. It was formerly known as Ratnakar Bank.