Abans Holdings IPO Subscribed 11% On Day 1
The IPO was subscribed 0.11 times, or 11%, as of 5:00 p.m. on Dec. 12.
The initial public offering of Abans Holdings Ltd., the financial services arm of Abans Group, opened for subscription on Monday.
The IPO includes 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. The price band is fixed at Rs 256–Rs 270.
The company plans to use Rs 80 crore of the net proceeds of the initial stake sale to further invest in its non-banking financial unit, Abans Finance Pvt. Ltd., for its future capital requirements. It will also use some amount, not exceeding 25% of the gross proceeds of the issue, for 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 1
The IPO was subscribed 0.11 times, or 11%, as of 5:00 p.m. on Dec. 12.
Institutional investors: 0 times.
Non-institutional investors: 0.12 times
Retail investors: 0.13 times
Abans Group was started in 2009–2010. It is a diversified global financial services business that 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.