Yes Bank FPO so far receives 27% subscription on Day 2; stock tumbles 8%

The offer will be available for a price band between Rs12-13 per equity share, which is at a discount compared to the bank's current market price on exchanges.

Jul 16, 2020 11:07 IST India Infoline News Service

The second day of Yes Bank's further public offering (FPO) has commenced, and so far has received nearly 27% subscription against the total issue size. However, on Thursday, the Yes Bank stock was facing heavy profit booking from investors front, as it nosedived by 7.82% on Sensex with an intraday low of Rs18.85 per piece in early trade.

As per the data given on BSE, at around 10.51 am, the Yes Bank's FPO has received cumulative bidding of 1,99,21,80,000 equity shares at a price band of Rs12 per piece. Further, the cumulative bidding of some 46,47,04,000 equity shares was made at the upper price band of Rs13 per piece.

After the intraday low,  the Yes Bank stock was performing at Rs19 per piece, down by 7.09% on Sensex at the same time.

The above-mentioned bidding accounted for 26.99% of the total issue size of 9,09,97,66,899 equity shares. The offer will be available for a price band between Rs12-13 per equity share, which is at a discount compared to the bank's current market price on exchanges.

Yes Bank plans to raise a whopping Rs15,000cr from this FPO which will be available for subscription till July 17. Proceeds of the FPO will be utilized to ensure adequate capital support for the bank's growth and expansion.

On July 14, Yes Bank's Committee of the Board of Directors approved the allocation of 3,415,384,614 Equity Shares to the Anchor Investors. That said, the bank has garnered a whopping Rs4,098cr from 12 anchor investors.

In this FPO, companies like ICICI Securities, Kotak Mahindra Capital, SBI Capital Markets, Axis Capital, Citigroup Global Markets, DSP Merrill Lynch, HSBC Securities and Yes Securities are acting as the book running lead manager (BLRM). 

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