AU Small Finance Bank closes 51.17% higher on stock market debut

BT Online        Last Updated: July 11, 2017  | 11:11 IST
AU Small Finance Bank closes 51.17% higher on stock market debut

AU Small Finance Bank on Monday made its debut in the stock market after its initial public offering received 29 times subscription last week.

The stock rose 47 percent over the issue price and listed at Rs 528 on the BSE.

At 1235 hours, the stock was trading 50 percent or 175 points higher at 533 level on the BSE.

The  stock closed 51.17 percent or 183 points higher at 541 level on the BSE.

The bank also got listed on NSE but could not resume trading due to a technical glitch at India's largest stock exchange.

The issue price was fixed at the higher end of price band of Rs 355-358.

Its IPO which was open from June 28-30 was subscribed 53.60 times on strong response from  qualified institutional buyers and HN1s.

The bank raised Rs 1912 crore via the IPO, including Rs 563 crore from 34 anchor investors.

The book running lead managers to the offer were ICICI Securities, HDFC Bank (Investment Banking Group), Motilal Oswal Investment Advisors and Citigroup Global Markets India.

The public issue was an offer for sale by promoters - Sanjay Agarwal, Jyoti Agarwal, Shakuntala Agarwal, Chiranji Lal Agarwal and MYS Holdings; and investors - Redwood Investment, International Finance Corporation, Labh Investments, Ourea Holdings and Kedaara Capital Alternative Investment Fund.

The Jaipur-based bank received licence from the RBI to set up a small finance bank in December 2016 and commenced operations from April this year.

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