Abans Holdings IPO fully subscribed on final day; QIB portion booked 4.10 times

The initial public offering (IPO) of Abans Holdings was subscribed 110 per cent or 1.10 times on the fourth and final day of the bidding process today. The issue received bids for 1,40,20,930 shares against the issue size of 1,28,00,000 shares.The quota reserved for qualified institutional buyers (QIBs) was bid for 4.10 times, retail individual investors (RIIs) got 40 per cent subscription and that of non-institutional investors (NIIs) was booked 1.48 times on Thursday.

Allotment of shares will be carried out on December 20, 2022.  The shares are likely to be listed on December 23.

Shares are available in a price band of Rs 256-270. The lot size of Abans Holdings IPO is 55 shares for which one has to spend Rs 14,850. A retail individual investor can submit bids for up to 13 lots or 715 shares by spending Rs 1,93,050.

Also Read: Abans Holdings IPO: Issue subscribed 46% on Day 3; retail portion booked 31%

The issue comprises fresh issue of equity shares of up to 38 lakh and an offer-for-sale (OFS) of up to 90 lakh equity shares by promoter Abhishek Bansal. He currently holds a 96.45 per cent stake in the company.

Abans Holdings stated that proceeds from the IPO would be utilised towards investment in its NBFC (non-banking financial company) subsidiary, Abans Finance.

The company operates a diversified global financial services business. It currently has a presence in six countries including the UK, Singapore, UAE, China, Mauritius, and India.

Aryaman Financial Services is the sole book-running lead manager to the issue and Bigshare Services is the registrar.

The financial services firm posted a 35 per cent growth in profit for 2021-22 (FY22) on a yearly basis. However, revenues dropped significantly, by 52 per cent, to Rs 638.63 crore in the same period.