RBL Bank made a splendid debut by listing at Rs 273.70, a premium of 21.64 per cent on the BSE against its issue price of Rs 225. The stock went on to hit day's high of Rs 305, up 35.55 per cent against its issue price.
RBL, which is the first private bank in a decade to have made its stock market debut, settled the day at Rs 299.30, up 33 per cent.
The company's IPO was oversubscribed a staggering 69.62 times, with the qualified institutional buyers (QIBs) portion getting oversubscribed 85.08 times, non institutional investors chunk 198.06 times and retail investors portion 5.70 times, as per data available with the NSE.
Price band for the IPO was fixed at Rs 224-225 per share, which was opened from August 19-23. The offer collected around Rs 60,000 crore.
It attracted over 1.02 million applications. YES Bank was the last private lender to hit the capital markets in 2005. Taking into account state-run banks as well, Punjab and Sind Bank last went public six years ago in 2010.
Kotak Mahindra Capital, Axis Capital, Citigroup, Morgan Stanley were the global merchant bankers for the deal while HDFC Bank, ICICI Securities, IDFC Securities, IIFL and SBI Caps were the lead managers for the local market.