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RBL Bank’s initial public offering fully subscribed on second day
MUMBAI: The initial public offering of RBL Bank (formerly Ratnakar Bank) got fully subscribed on Monday, the second day of sale.
MUMBAI: The initial public offering of RBL Bank (formerly Ratnakar Bank) got fully subscribed on Monday, the second day of sale.
This is the first public issue by a private sector lender in a decade. The last private sector lender to hit the stock markets was Yes Bank in 2005.
Of the total issue size of 37.9 million shares on offer, bids were received for almost 116.9 million shares, or 3.08 times, according to cumulative data available on stock exchanges. The issue closes on Tuesday.
The portion reserved for qualified institutional bidders was subscribed 4.28 times and non-institutional investors portion was subscribed 1.08 times. The retail individual investors portion was subscribed 3.26 times.
The price band for the issue has been fixed at ₹224-225 a share, and the bank is eyeing to raise ₹1,210 crore through the capital market listing.
Last week, RBL Bank raised ₹364 crore by selling shares to 25 anchor investors at the upper end of the price band.
RBL Bank’s net NPAs stand at 0.6% of total advances.
