Fedbank Financial Services IPO subscribed 18% so far on day 1

22 Nov 2023 , 11:59 AM

On the inaugural day of bidding, the initial public offering (IPO) of Fedbank Financial Services, a non-banking financial services company, witnessed a subscription of 18%. Investors placed bids for 1,01,56,119 crore shares against the total issue size of 5.59 crore.

Among the investor categories, retail investors subscribed to 33% of their allocated quota, while non-institutional investors showed a subscription rate of 8%. Qualified institutional buyers, however, have not yet participated in the subscription.

The employee portion of the IPO saw a subscription rate of 16% of the reserved portion.

Earlier, on November 21, the company successfully raised Rs 324.68 crore through its anchor book. The IPO’s price band has been set at Rs 133-140 per share. The bidding process will continue, providing investors an opportunity to participate in the offering until the conclusion of the subscription period.