Abans Holdings IPO Subscribed 1.1 Times On Final Day
The IPO was subscribed 1.1 times as of 7:00 p.m. on Dec. 15.
The maiden share sale of Abans Holdings Ltd. was fully subscribed on its last day, with institutional buyers leading the demand for the issue.
The offering, which opened on Dec. 12, was subscribed 11% on the first day. The issue was subscribed at 28% on the second day and 46% on the third day. On the closing day, the Abans Holdings IPO was subscribed 1.1 times.
The IPO consists of a fresh issue of 38 lakh shares and an offer for sale of 90 lakh shares by the promoter, according to the red herring prospectus filed with the markets regulator SEBI.
The price band for the issue is pegged at Rs 256–270. The company is looking to raise between Rs 327 crore and Rs 345 crore from this initial share sale.
Abans Holdings, the financial services arm of Abans Group, plans to use Rs 80 crore of the net proceeds from the IPO to further invest in its non-banking financial unit, Abans Finance Pvt., for its future capital requirements.
The company will also direct some amount, not exceeding 25% of the gross proceeds of the issue, towards general corporate purposes.
In its red herring prospectus, the company also said that it would use the net proceeds within six months of getting them.
Subscription Status: Day 4
The IPO was subscribed 1.1 times as of 7:00 p.m. on Dec. 15.
Institutional investors: 4.1 times.
Non-institutional investors: 1.48 times
Retail investors: 0.4 times
Established in 2009–2010, the Abans Group operates in the diversified global financial services business. It offers non-banking financial services, multi-asset global institutional trading in equities, commodities, and foreign exchange, private client broking, asset management and investment advisory services, and wealth management services to corporations, institutions, and high-net-worth individuals.