Bandhan Bank received 122.16 crore bids for 8.34 crore shares

Kolkata, March 19: The initial public offer (IPO) of Bandhan Bank has been oversubscribed 14.63 times on the closing day of bidding on Monday.

The Rs 4,473 crore IPO received bids for over 122.16 crore equity shares against the offer size of over 8.34 crore shares.

The reserved portion of qualified institutional buyers (QIBs) has oversubscribed 38.67 times while the portion for non-institutional investors witnessed subscription of 13.89 times and retail 1.20 times.

"We have received good response from QIBs and high net worth individuals. Apart from this, we have received nearly 11 lakh applications from retail investors, which is commendable," the bank's MD and CEO Chandra Shekhar Ghosh said.

The bank had set a price band of Rs 370 to Rs 375 per equity share of face value Rs 10 each and of the total issue size of over 11.92 crore shares, offered fresh equity shares to the tune of 9.76 crore and an offer for sale of up to 1.40 crore shares by the International Finance Corporation (IFC) and 75.65 lakh shares by IFC FIG Investment Company.