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Spandana Sphoorty IPO overall subscribed 1.05 times

Spandana Sphoorty has fixed a price band of Rs 853-856 per share for the public offer.

ETMarkets.com|
Updated: Aug 07, 2019, 08.45 PM IST
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NEW DELHI: The initial public offering (IPO) by microfinance lender Spandana Sphoorty Financial was overall subscribed 1.05 times on the final day of the issue on Wednesday.

The Rs 1,200-crore issue received bids for 1,03,27,585 shares against 98,22,367 units on offer.

The category reserved for qualified institutional buyers (QIBs) was subscribed 3.10 times, non institutional investors 56 per cent and retail investors 9 per cent.

Spandana Sphoorty had fixed a price band of Rs 853-856 per share for the public offer.

At the upper end of the price band, the issue demanded a valuation at price-to-adjusted book value (P/ABV) of 2.4 times. Peers such as Creditaccess Grameen trades at P/ABV of 3.4 times while Satin Credit Care commands 1.1 times.

The company had last week raised Rs 360.28 crore from anchor investors. The IPO comprises a fresh issue of Rs 400 crore and an offer for sale of 93,56,725 equity shares, including an anchor portion of 42,08,886 equity shares.

The net proceeds are proposed to be utilised towards augmenting the company’s capital base to meet future requirements and general corporate purposes.

The equity shares of the firm are proposed to be listed on BSE and NSE.

Axis Capital, ICICI Securities, IIFL Securities, JM Financial, IndusInd Bank and YES Securities India are managing the offer.
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