Business

Spandana IPO fully subscribed

The initial public offer (IPO) of Spandana Sphoorty Financial, which closed for subscription on Wednesday, was subscribed 1.05 times till 6 pm on the last day of bidding.

According to data from the National Stock Exchange, the issue received bids for 1.03 crore shares, as against 98.22 lakh shares on offer in the price band of ₹853 to ₹856.

The lacklustre response from retail investors was seen even as many brokerages, including Motilal Oswal Financial Services, Emkay Global, Centrum, Prabhudas Lilladher and Angel Broking among others recommended subscribing to the issue with a long-term investment horizon.

Incidentally, the issue of the micro finance institution (MFI) has largely been supported by institutional investors as the segments reserved for retail and high net worth individuals remained under subscribed.

Meanwhile, as per data on NSE website, the portion reserved for institutional investors was subscribed 3.11 times with bids received for nearly 87 lakh shares, as against nearly 28 lakh shares on offer.

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Printable version | Jul 15, 2020 12:08:46 PM | https://www.thehindu.com/business/spandana-ipo-fully-subscribed/article28872257.ece

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