The initial public offer (IPO) of the country's largest gold financing company Muthoot Finance saw huge response from investors and got over subscribed 22.20 times till 16:00 hrs on the final day of the issue on Thursday.
The company's IPO received bids 97.18 crore equity shares as against 4.3 crore shares on offer, as per the data available with the National Stock Exchange till 1600 hrs.
Muthoot Finance has entered the capital market with a price band of Rs 160-175 a share for the IPO of 5.15 crore equity shares.
At the lower end of the price band, the company will raise Rs 824 crore, while on the upper end it will mop up Rs 901.25 crore.
The bid, which opened for subscription on April 18 closed yesterday for QIB bidders and today was the last day for retail and non-institutional investors.
The IPO proceeds will be utilised to augment the company's capital base for meeting future capital needs, for funding of loans and for general corporate purposes.
ICICI Securities, Kotak Mahindra Capital Co are the book running lead managers to the issue, while HDFC Bank is the co-book running lead manager.
Kerala-based Muthoot Finance is a non-deposit taking, non-banking finance company.