Fusion Microfinance debuts with discount of 2% at Rs 359

Non-Banking Financial Institution (NBFC) Fusion Microfinance opened at a minor discount of 2.44% to issue price on November 15, following a lower-than-expected subscription to its initial public offer (IPO). The public issue had seen a 2.95 times subscription which closed on November 4th,. Of this, qualified institutional investors purchased shares 8.59 times the allotted quota, non-institutional investors 1.38 times, and retail investors 0.51 times.
The stock listed at Rs 360.50 on BSE and the opening tick on the NSE was Rs 359.50 against the issue price of Rs 368 per share.
The company came up with fresh issue of Rs 600 crore and offer for sale of Rs 503.99 crore. So, as per RHP, the promoters will hold 58.10% of company’s shareholding post listing.
Fusion Microfinance was incorporated in the year 1994 and provides financial services largely to women entrepreneurs. The company has a network of 966 branches spread across 377 districts and 19 states and union territories.

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