Bandhan Bank IPO Over Subscribed by 14 Times

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The initial public offer (IPO) of Bandhan Bank was oversubscribed 14.56 times, eliciting good response from QIP and HNI investors, a top official of the bank said. Monday was the last date of the offer.

MD and CEO of Bandhan Bank Chandra Shekhar Ghosh said that oversubscription on account of QIP was 38.67 times and that of HNI investors was 13.89 times.

The price band had been fixed between Rs 370 and Rs 375 per share, with a face value of Rs 10 each to raise Rs 4,500 crore.

The entire proceeds of the offer would be utilised for capital requirements.

Retail oversubscription was 1.05 times which is going to rise further and applications received on this count was approximately 10 lakh, Ghosh said.

“This was excellent response from the investing public. The success of the issue showed the people has accepted the Bandhan Bank model,” Ghosh said.

Kotak Mahindra Capital, JM Financial, Goldman Sachs and JP Morgan were the book running lead managers of the issue.

Among the anchor investors were Abu Dhabi Investment Authority – Behave, Blackrock India Equities (Mauritius), HSBC Indian Equity Mother Fund, UTI – Mastershare Unit Scheme, BNP Paribas Arbitrage, Amansa Holdings and Tata Balanced Fund.

The Kolkata-based private sector lender was mandated by the RBI to come out with an IPO after three years of completion of banking operations after migrating from microfinancing activity only.

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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