Fusion Micro Finance IPO subscribed 3% on Day 1 so far

The initial public offer (IPO) of Fusion Micro Finance was subscribed 3 per cent in the afternoon session today. The issue received bids for 7.08 lakh shares against an IPO size of 2.13 crore shares amounting to a subscription of 3 per cent at 12:09 pm on the first day of bidding today. The quota for retail investors was subscribed 0.05 times shares of the allotted quota, while the portion set aside for non-institutional investors was subscribed 3 percent. The issue has a price band of Rs 350-368 per share. The issue comprises a fresh issuance of equity shares worth Rs 600 crore and an offer of sale of 1,36,95,466 equity shares by promoters and existing shareholders.

Retail investors can apply for a minimum of 40 equity shares. A retail-individual investor can apply for a maximum of 13 lots (520 shares by spending Rs 1,91,360). The retail quota is 35%, QIB is 50%, and HNI is 15%.

The grey market premium (GMP) of the IPO stood at Rs 40, according to IPOwatch.  The IPO will close on November 4. Allotment of shares will be done on November 10 and listing of the stock is likely to take place on November 15, 2022.

Link Intime India Private Ltd is the registrar and ICICI Securities Limited, CLSA India Private Limited, IIFL Securities Ltd and JM Financial Limited are merchant bankers to the IPO. Ahead of its IPO, the company had on Tuesday allotted 89,99,943 equity shares to 17 anchor investors at Rs 368 apiece, aggregating to Rs 331.20 crore.

Fusion Micro Finance is engaged in providing financial services to women entrepreneurs belonging to the economically and socially deprived section of the society.

Also Read: Fusion Micro Finance IPO: GMP, price band, lot size, analyst views, listing & more