Abans Holdings IPO Subscribed 46% On Day 3

The IPO was subscribed 0.46 times, or 46%, as of 5:00 p.m. on Dec. 14.

<div class="paragraphs"><p>U.S. Dollar currency notes. (Source: <a href=";utm_medium=referral&amp;utm_content=creditCopyText">Alexander Mils</a>/<a href=";utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>)</p></div>
U.S. Dollar currency notes. (Source: Alexander Mils/Unsplash)

Abans Holdings Ltd., the financial services unit of Abans Group, witnessed qualified institutional buyers lead the demand for its initial public offering on the third day of subscription.

The IPO was subscribed 28% on the second day and 11% on the first day of subscription.

The initial stake sale 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.

The price band is fixed at Rs 256–Rs 270.

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The company plans to utilise Rs 80 crore of the net proceeds to further invest in its non-banking financial unit, Abans Finance Pvt. Ltd., for its future capital requirements.

The company 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 3

The IPO was subscribed 0.46 times, or 46%, as of 5:00 p.m. on Dec. 14.

  • Institutional investors: 2.19 times.

  • Non-institutional investors: 0.17 times

  • Retail investors: 0.32 times

The 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.

Research Reports On Abans Holdings