Fedbank Financial Services IPO listing today. 5 things to know - Hindustan Times
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Fedbank Financial Services IPO listing today. 5 things to know

Nov 30, 2023 08:16 AM IST

The Fedbank Financial Services IPO had opened for subscriptions from November 22 to 24. It was subscribed 2.20 times on the last day of the share sale.

The Fedbank Financial Services' initial public offering (IPO) will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Thursday, i.e November 30.

“Effective from Thursday, November 30, 2023, the equity shares of Fedbank Financial Services Limited shall be listed and admitted to dealings on the Exchange in the list of 'B ' Group of Securities,” a notice issued by the BSE stated.

“Further the trading members may please note that the above mentioned scrip will be a part of Special Pre-open Session (SPOS) on Thursday, November 30, 2023,” the BSE notice added.

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Ahead of the listing of Fedbank Financial Services shares on the stock market, here are five things you need to know about this IPO.

1. The Fedbank Financial Services IPO had opened for subscriptions from November 22 to 24. The IPO was subscribed 2.20 times on the last day of the share sale. It received bids for 12,30,12,764 shares against 5,59,23,660 shares on offer, according to data available with the NSE.

IPO stands for Initial Public Offering and it is when the promoters of the company in question for the first time want to raise additional funds by offering shares of the company.
IPO stands for Initial Public Offering and it is when the promoters of the company in question for the first time want to raise additional funds by offering shares of the company.

2. The IPO had a fresh issue of up to 600 crore and an offer for sale of up to 35,161,723 equity shares. The price range for the offer was 133-140 a share.

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3. The company had said it had collected 325 crore from anchor investors. The issue was a combination of a fresh issue of 4.29 crore shares aggregating to 600.77 crore and an Offer For Sale (OFS) of 3.52 crore shares worth 492.26 crore.

4. Avinash Gorakshkar, the head of research at Profitmart Securities, told Livemint that the share price may open higher from its price band. He cited the strong strong fundamentals of the non banking financial company (NBFC) and optimistic stock market.

5. As per a PTI report, the company proposes to utilise the net proceeds from the fresh issue towards augmenting the Tier-I capital base to meet its future capital requirements and offer expenses.

(With PTI inputs)

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